POSCO completed construction of a magnesium refining factory in Okgye Gangneung of Gangwon-do on November 20th.
The meeting was attended by 150 people, including CEO Mr Chung Joonyang, Gangwon do Governor Choi Munsun. Mr Chung Joonyang in his commemorative speech said that "Without forgetting the founding spirit of serving the country through steel, we will successfully operate Korea`s first domestic magnesium refining factory to increase national competitiveness and contribute to revitalizing the local economy, taking on all duties in becoming a loved company."
POSCO's magnesium refining business was initiated with an MOU for investment in November 2009, the first stage of construction was started in June 2011, followed by the start of test operations and stabilization this past March, and the first set of products were shipped in September.
The total production capacity of the magnesium refining factory is 10,000 tons annually, but based on technology and know-how accumulated in the first stage of the business, POSCO will develop its own vertical thermal reduction technology by 2018 and increase annual production capacity to 100,000 tons, becoming a leader in the material business and a magnesium refinery with the best global competitiveness.
POSCO plans to lead global material technology particularly by establishing a highly efficient, environmentally friendly process by applying the world`s first vertical thermal reduction method.
