POSCO E&C to build breakwater in Ulsan New Port

By Yoon Ja-young

POSCO Engineering & Construction (E&C) won an order to build a breakwater at Ulsan New Port, proving its technology and expertise in port construction.

The construction company announced it was selected as the winner among 13 bidders for the project ordered by the Public Procurement Service. POSCO E&C formed a consortium with two mid-tier players, to compete with 13 consortiums each led by major local construction companies. POSCO E&C has a 75 percent stake in the consortium while the two mid-tier partners share the remaining 25 percent. The procurement office selected the POSCO consortium based on comprehensive evaluation of each applicant, Wednesday.

The breakwater construction project in Ulsan New Port has been in the spotlight as the year’s biggest port construction project.

The project aims to secure calm water for Ulsan New Port, located at the southeast coast of the peninsula. The construction of the breakwater is expected to help future projects, such as the second-phase construction of the port as well as the Northeast Asia oil hub project. It includes building and operating a 28.4-million-barrel oil storage facility there to nurture the port into an oil logistics and transaction hub of Northeast Asia.

POSCO E&C is to build a 1,420-meter breakwater and a smaller 21-meter breakwater. The 130 billion won project is scheduled for completion in five years.

The construction company has been building up expertise in port construction through a number of projects, including construction of Ayajin Port in Gangwon Province, refurbishing of Shinyang Port on Jeju Island and breakwater construction for Incheon New Port. It is also currently engaged in diverse port construction projects around the country, including breakwater constructions at Sadong Port of Ulleung Island, Donghae Port and Saemangeum New Port.

“The breakwater construction project for Ulsan New Port will add to our portfolio in mega-port constructions, which is essential when bidding for big orders both domestic and abroad. We expect to get the upper hand when bidding for similar projects later on,” a spokesperson for POSCO E&C said.