The steelmaker earlier said the global demand for such advanced steel will likely reach over 1 million tons in 2020 amid a steady growth in demand for automobiles and home appliances, from the current 800,000 tons. (image: Yonhap)
SEOUL, Feb. 20 (Korea Bizwire) – Global steelmaker POSCO said Monday that its output of advanced electrical steel for motors will double following the construction of its new facility.
The company said its capacity for hyper non-oriented electrical steel has come to 160,000 tons per year following the construction of its latest production facility in Pohang.
A ceremony marking the construction of the new facility was held in the industrial city located some 370 kilometers southeast of Seoul. It was attended by POSCO chairman Kwon Oh-joon and some 100 others, the company said.
Electrical steel is a special type of steel mostly used to produce electric motors.
POSCO officials noted the company’s annual capacity was enough to produce up to 2.6 million electric motors.
The steelmaker earlier said the global demand for such advanced steel will likely reach over 1 million tons in 2020 amid a steady growth in demand for automobiles and home appliances, from the current 800,000 tons.
“With the completion of the new facility, the company has become able to prepare for a future rise in market demand for green cars and efficient house electronics,” Kwon was quoted as saying at Monday’s ceremony.
(Yonhap)
