Posco plans to close blast furnace at Pohang plant

Posco is reportedly planning to close its No. 1 blast furnace at Pohang. The furnace is expected to be completed by December this year.

Since June 1973, Blast Furnace No. 1 has been producing up to 1.3 million tons of molten iron per year. The removal of blast furnace # 1 is part of government policy to streamline steel production.

At the same time, Posco will receive financial support from the government, including tax cuts and so on.