South Korean steelmaker POSCO has again postponed the resumption date for its third blast furnace due to the global recession caused by the coronavirus pandemic. POSCO had planned to reopen the third blast furnace in Gwangyang at the end of May after repairs and maintenance, but it postponed the restart date until the end of June. However, the company said it has not yet decided when it will reopen its third blast furnace in Gwangyang, about 420 kilometers southwest of Seoul.
The move was fueled by declining demand from automakers, construction companies and shipbuilders due to the COVID-19 pandemic.
POSCO operates five blast furnaces in Gwangyang and four blast furnaces in Pohang, about 375 kilometers southeast of Seoul. The other eight blast furnaces are in operation.
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