POSCO to expand industrial gas storage capacity

SEOUL, April 27 (Yonhap) -- POSCO said Wednesday it plans to spend 70 billion won (US$55.5 million) to expand its industrial gas storage facility.

South Korea's top steelmaker plans to expand its storage capacity of oxygen and nitrogen gas to 60,000 tons and 46,000 tons, respectively, from the current 49,000 tons and 36,000 tons.

POSCO runs industrial gas tankers in Pohang and Gwangyang, home to its steel mills in southern South Korea.

After 2024, POSCO also plans to sell a combined 450,000 tons of industrial oxygen and nitrogen gas annually, 10 percent of the country's market demand.

Oxygen and nitrogen gas are mostly used in the shipbuilding, automaking and semiconductor sectors.

sam@yna.co.kr
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