Ads by Google

SOUTH KOREAN STEEL FIRMS TO INVEST US$16 BLN OVER NEXT 3 YEARS

SEOUL, Nov 09, 2009 (AsiaPulse via COMTEX) --

Company: Pohang Iron & Steel Co., Ltd. (PKX)

South Korea's steelmakers said Monday that they plan to spend 18.71 trillion won (US$16 billion) over the next three years in upgrading and expanding facilities.

POSCO (KSE:005490) and other local steelmakers are expected to spend around 6.9 trillion won next year following this year's estimated 10.12 trillion won, according to the companies.

The steelmakers said they will invest 5.85 trillion won in 2011 and another 5.90 trillion won in 2012, adding that the spending will also be aimed at reducing greenhouse gases and energy consumption.

Local steelmakers are expecting steel demand to increase down the road on rising demand from automakers and shipbuilders.

(Yonhap)maz

Copyright (C) 2009 Asia Pulse. All rights reserved

News Provided by COMTEX

Company: Pohang Iron & Steel Co., Ltd. (PKX)


Related terms: energy, local, south korea, steel

Related Articles

S. Korean steel firms to invest W18.71 tln over next 3 years - Zibb.com
Nov 9, 2009
S. Korean steel firms to invest W18.71 tln over next 3 years South Korea's steelmakers said Monday...facilities. POSCO and other local steelmakers are expected to spend around...terms: energy, local, south korea, steel

Lockheed offers 2014 delivery date for South Korea's first F-35s
Oct 29, 2009
...remains confident that South Korea will select its F...best value fighter for South Korea. The country has...dangling the prospect of South Korean industry possibly participating...work to take place in South Korea, similar to its agreement...

Obama, South Korean leader accentuate the positive
Nov 18, 2009
...National Obama, South Korean leader accentuate...Comment SEOUL, South Korea — America’s relations...access to the South Korean market for U...the Blue House, South Korea’s version of...chanting ``no more South Korea troops to Afghanistan...waved U.S. and South Korean flags and yelled...

S Korea Sept petchems exports mostly up on strong China demand
Oct 28, 2009
...s depreciation helped make South Korean exports more attractive while Japanese...sales due to the strong yen. South Korea, Asia's fourth largest economy...construction sectors,” said a South Korean trader. Korean pipe grade...