POSCO will spend $70bn on expanding its oxygen and nitrogen storage facilities at two new steel mills as it looks to makes great strides in the industrial gases market.
The South Korean steelmaking firm today (27th April) said it has broken ground on the new facilities, located in Pohang and Gwangyang Works.
Once operational, POSCO hopes the storage capacity of the mills will total 106,000 tonnes annually by 2030 and 450,000 tonnes annually from 2024.
POSCO currently owns oxygen and nitrogen tanks with a storage capacity of 49,000 tonnes.
The company’s expansion into the industrial gases market will not only benefit the steel making sector, but also industries such as semiconductors, shipbuilding, chemicals and automobiles.
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