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POSCO's typhoon-hit facilities fully restored, production normalized

Corporate Newsroom 09:32 January 20, 2023

SEOUL, Jan. 20 (Yonhap) -- South Korea's top steelmaker, POSCO, has fully restored its facilities damaged by a September typhoon and its production was put back on track, the steelmaker said Friday.

The superstrong Typhoon Hinnamnor pounded POSCO's steel mill in Pohang, 372 kilometers southeast of Seoul, leading to the suspension of its major facilities.

All three of the company's blast furnaces and 17 steel-processing facilities in Pohang have returned to normal operations.

After the damage, no major supply glitches were reported, but the steelmaker suffered a massive loss in the wake of recovery work.

POSCO suffered 2.4 trillion won (US$1.89 billion) in lost revenue, which accounted for 2.7 percent of its annual earnings.

In a move to minimize the impact on the steel supply, the company had increased production in its furnaces in the southwestern city of Gwangyang and imported steel products from overseas.

Typhoon Hinnamnor killed more than 10 people and caused severe flooding and damage.

This image, taken Sept. 7, 2022, shows a wide view of POSCO in Pohang, 374 kilometers southeast of Seoul. (Yonhap)

This image, taken Sept. 7, 2022, shows a wide view of POSCO in Pohang, 374 kilometers southeast of Seoul. (Yonhap)

sam@yna.co.kr
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