POSCO Shuts Down Long-Running Wire Rod Mill Amid Steel Industry Slump

SEOUL, Nov. 19 (Korea Bizwire) – POSCO, South Korea’s largest steelmaker, has ceased operations at its Pohang Steelworks’ No. 1 Wire Rod Mill after 45 years and 9 months of service. The closure, effective November 19, comes as the global steel market grapples with oversupply, particularly from low-cost Chinese imports, which have eroded profitability. The No. [...]