POSCO completes construction of steel mill in India

South Korea's leading steelmaker POSCO announced Tuesday that it completed construction of its first steel manufacturing base in India, establishing an efficient customer service system that could cover production of automobile steel plates, processing of coil products, and sales.

A day before the announcement, POSCO completed constructing a continuous galvanizing line (CGL) for manufacturing galvanized steel plates, a premium material for automobiles and household electronics, with an annual output of 450,000 tons (t) in the state of Maharashtra, in west India.

By constructing the CGL in India, POSCO made a significant progress in establishing the local production and supply system for premium automobile steel plates in another emerging market, explained POSCO. As an effort to penetrate into emerging markets, POSCO is currently operating a CGL in Mexico and constructing a CGL in Guangdong Province, China, which will be completed by the end of this year.

POSCO plans to produce galvanized steel plates and galvannealed steel sheets at its Indian plant and sell the steel products in the Indian market and other overseas markets. The material for producing the steel products will be procured from POSCO's steel mill located in Gwangyang, Korea.

Meanwhile, POSCO is working on a few projects including construction of integrated steel mills in the Indian state of Orissa in an attempt to seize business opportunities in the Indian market that has high growth potential. Along with the recently-constructed CGL in Maharashtra, POSCO is constructing a cold-rolled steel plant with an annual output of 1.8 million t which is expected to be completed by June 2014, and a 300,000 t electrical steel plate manufacturing facility that will be completed by October next year.

[Written by Min-soo Han - Ha'eun Bang / edited by Soyoung Chung]

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