POSCO’s Gwangyang Steel Complex in Gwangyang, South Jeolla Province, 

where the 4th stainless steel production plant was dedicated on July 29. (Photos: POSCO)

President Kim Joon-shik of POSCO shakes hands with workers at the 4th stainless steel 

plant, thanking their hard work to build the new steel plant following the dedication ceremony.

POSCO strengthened the 1st stainless steel plant’s existing facilities to maximize the production of carbon steel, while upgrading the facilities to boost the competitiveness of the production process of stainless steel by replacing key production equipment such as chrome solution installment, VOD for the removal of gas, and the installation of the latest slab production equipment.

With the technologies accumulated so far, the stainless steel plants will supply the highly clear stainless steel products to help boost customer firms’ competitiveness.

To fulfill its duty as a key player in the steel industry, POSCO cut the construction period for the STS steel plant by more than a month, saving electricity costs and raw materials that were needed for the construction of the plant.

On Aug. 1, Deputy Prime Minister Hyun and the minister of Strategy and Finance and their staffs visited the Gwangyang Steelworks Furnace 1, which is the world’s largest in scale and production capacity, encouraging employees to contribute their efforts in the development of the industry. They paid the field visit in an effort to find solutions for the sagging economy in the second half of the year and encouraged employees to continue carrying out tasks despite the summer heat. He told employees to take care of their safety and health and requested they try to reduce their energy use in preparation for the summer power crisis. Deputy Prime Minister Hyun was briefed on the operation status by Baek Seung-gwan, head of the Gwangyang Steelworks, and took commemorative photos with employees after touring the production facilities of Furnace 1. Deputy Prime Minister Hyun was also introduced to the social contribution activities of POSCO. 

Deputy Prime Minister Hyun also visited the Saemangeum cogeneration plant construction site, the Gunsan Industrial Complex, the Masan Fish Market, and the Gyeongnam Techno Park. 

CEO and Chairman of POSCO Chung Joon-yang, Daewoo International Vice Chairman Lee Dong-hee, Vice President of Myanmar Nuan Tun, and about 150 guests from the governments and POSCO partners celebrated the kickoff of offshore natural gas commercialization.

The ceremony for the gas field development by Daewoo International holds significant meaning for all participants because the project went through a number of major difficulties due to sluggish investment conditions. Nevertheless, the employees’ sweats and tears have finally paid off.

President Kim Joon-shik of POSCO shakes hands

 with workers at the 4th stainless steel plant

Daewoo International drilled the submarine area in the western sea off Myanmar, in which other oil companies from France, Japan, and the United States failed to find any feasible gas field in the 1970s. By adopting a new concept of exploration, they found the Shwe gas field in 2004 and the Shwe Phyu and Mya gas fields in 2005 and 2006.

The total amount of gas deposits in these three gas fields is estimated at about 4.5 trillion cubic feet, which is the biggest-volume gas field found by any Korean gas and oil company around the world. In addition, the Myanmar gas field operation was undertaken by Korea’s own technologies and know-how. It is regarded as a cornerstone and a good model for Korean oil and gas companies operating overseas