Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
POSCO aims to build energy value chain in Gwangyang
Prime Minister Han Duck-soo, center, poses with POSCO employees at the company's Gwangyang plant in South Jeolla Province, Wednesday. Yonhap
By Kim Hyun-bin
By Kim Hyun-bin
Steelmaker POSCO plans to construct cutting-edge industrial facilities at a site adjacent to its existing blast furnace in Gwangyang, South Jeolla Province, aiming to create an energy value chain.
The site is expected to play an important role in POSCO Group securing a competitive edge as an eco-friendly manufacturer of cutting-edge materials. POSCO Group is considering investing about 4.4 trillion won ($3.3 billion) to develop the site over the next 10 years.
Prime Minister Han Duck-soo visited the Gwangyang Works blast furnace and the Donghoan site, Wednesday, where ground will be broken for the new projects. The steelmaker is utilizing land located east of Gwangyang Works to build its fifth coke plant, a raw material yard and an LNG terminal.
POSCO International started construction of its second LNG terminal in Gwangyang in January, which is expected to strengthen the energy value chain of the domestic industry, contributing to Korea's energy security, the company said.
POSCO Group is considering investing in other new businesses for sustainable growth utilizing existing infrastructure at the site.
“POSCO Group aims to contribute to the national economy by going beyond steel to become a leading eco-friendly future materials company,” Vice Chairman Kim Hak-dong said.
POSCO Gwangyang Works in South Jeolla Province / Courtesy of POSCO Group
However, only steel-related operations are permitted the site under the current law, which has raised calls for easing regulations to let POSCO pursue new areas of business in Gwangyang.
The prime minister said the government will look into that possibility.
“We will actively review the current system so that POSCO Group can invest in new growth industries as soon as possible, and complete legislative measures in the first half of the year for matters requiring revision of laws and regulations,” the prime minister said.