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POSCO again delays resumption of blast furnace amid virus

Economy 09:18 July 04, 2020

By Kim Kwang-tae

SEOUL, July 4 (Yonhap) -- South Korean steelmaker POSCO has again pushed back the resumption date of its third blast furnace due to the global recession sparked by the coronavirus pandemic, a company official said Saturday.

POSCO had planned to resume the operation of the third blast furnace in Gwangyang in late May following its repair and maintenance work, but it delayed the resumption date to the end of June.

The company, however, said no decision has been set yet on when it will resume the operation of the third blast furnace in Gwangyang, about 420 kilometers southwest of Seoul.

The flag of South Korean steelmaker POSCO (Yonhap)

The move came as demand from automakers, construction companies and shipbuilders declined due to the COVID-19 pandemic.

POSCO has five blast furnaces in Gwangyang and four blast furnaces in Pohang, about 375 kilometers southeast of Seoul. The other eight blast furnaces are up and running.

POSCO said some of its 18,000 employees began taking paid leave on June 16, though it declined to elaborate.

entropy@yna.co.kr
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