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Poongsan Enjoys Special Demand of Euro Currency

Jan 12,1999
Poongsan, the largest coinmaker in the world, is enjoying the special demand caused by the introduction of the newly-arrived euro currency.
A source at Poongsan said, 'The factory is operating at full capacity, 24 hours a day, to provide coins for Spain and the Netherlands which ordered coins equivalent to 5,000 tons, last year.'
He also said, 'Thanks, especially, to the euro, the company which recorded losses in 1997 is forecasted to record more than 30 billion won in the black last year and profits will only increase more this year.'
The volume of coinage that the 11 European countries will have to prepare by January 2002 is forecasted to be 350,000 tons worth 1.5 billion dollars.
It is estimated that among coinmakers, Poongsan will provide about 90,000 tons of coins.


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