Posco increases production of electrical steel

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Posco increases production of electrical steel

Global steelmaker Posco said Monday that its output of advanced electrical steel for motors will double following the construction of its new facility in Pohang.

The company said its capacity for hyper non-oriented electrical steel has reached 160,000 tons per year since the construction of its latest production facility.

A ceremony marking the construction of the new facility was held Monday in the industrial city located some 370 kilometers (223 miles) southeast of Seoul. It was attended by Posco chairman Kwon Oh-joon and about 100 others, the company said.

Electrical steel is a 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 more than 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

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