U.S. markets close in 2 hours 37 minutes
  • S&P 500

    4,005.97
    -65.73 (-1.61%)
     
  • Dow 30

    34,006.39
    -423.49 (-1.23%)
     
  • Nasdaq

    11,263.51
    -197.99 (-1.73%)
     
  • Russell 2000

    1,845.58
    -47.26 (-2.50%)
     
  • Crude Oil

    78.09
    -1.89 (-2.36%)
     
  • Gold

    1,782.20
    -27.40 (-1.51%)
     
  • Silver

    22.41
    -0.84 (-3.61%)
     
  • EUR/USD

    1.0510
    -0.0021 (-0.20%)
     
  • 10-Yr Bond

    3.5900
    +0.0840 (+2.40%)
     
  • GBP/USD

    1.2189
    -0.0107 (-0.87%)
     
  • USD/JPY

    136.5520
    +2.2810 (+1.70%)
     
  • BTC-USD

    17,104.62
    +11.28 (+0.07%)
     
  • CMC Crypto 200

    404.20
    -7.01 (-1.71%)
     
  • FTSE 100

    7,567.54
    +11.31 (+0.15%)
     
  • Nikkei 225

    27,820.40
    +42.50 (+0.15%)
     

POSCO Pohang Steelworks to resume producing semi-finished steel

  • POSCO resumed the operation of the no. 4 and no. 2 blast furnaces as of September 12: the entire blast furnaces of Pohang Steelworks are under normal operation.

  • POSCO resumed the operation of the no.4 steel converter and has run an emergency shipment response team starting September 12.

  • The rolling line, which was most heavily affected by the flooding of the Nangcheon Stream, is under draining work.

SEOUL, South Korea, Sept. 13, 2022 /PRNewswire/ -- POSCO Pohang Steelworks started producing semi-finished steel as the no.3 blast furnace, and some of its steel-making plants returned to normal.

POSCO resumed the operation of the no.3 blast furnace on September 10 and no.4 and no.2 blast furnaces on September 12, which made all the blast furnaces of Pohang Steelworks return to normal.

On September 12, POSCO restored the steel-making and continuous casting facilities to process the molten metal produced in a blast furnace at the steel-making line.

The rolling line is under active restoration, which was most heavily damaged by the flooding of the Nangcheon Stream as the line was located near the stream. POSCO finished about 80% of the draining work for the rolling line. The draining wok for no.1 hot strip mill and no.3 plate mil plant, which need to be operated as a priority, was completed, and the power supply began.

POSCO is running an emergency shipment response team from today to stabilize the supply and demand of steel and minimize the damage to customers. POSCO plans to gear its Gwangyang Steel Mill intfullaximum production system by adjusting the repair schedule and converting the production of urgent materials demanded by customers into Gwangyang Steel Mill to respond to customer demand. POSCO will also sell its stocks to customers to meet their need for critical materials.

  • Steelmaking: to remove impurities from molten metal produced in a blast furnace and adjust its elements to meet customer demand

  • Continuous casting: to make the molten metal, which went through the steel-making line, into solid-state semi-finished steel (including slab)

  • Rolling: to fabricate the steel according to its usage by applying heat and pressure

As the restoration work is expected to take a long, POSCO sees a potential risk increase as the safety awareness could be diminished. In this regard, POSCO is strengthening safety management by designating managers by each work stage to reduce safety risks. In addition, POSCO strives to ensure safety management by providing training programs about extreme dangers such as electric shock and gas leaks with the resumed operation of its facilities after the flooding.

Choi, Jeong Woo, CEO of POSCO GROUP, revisited Pohang Steelworks on the 12th. CEO Choi looked around the flooded area of the stream, which is the most significant cause of the flooding, and had a site inspection focusing on the rolling line where the draining and mud removal works are still underway.

While visiting the stainless steel-making line, electrical steel line, wire rod line, stainless annealing line, plate mill line, and no.3 blast furnace, CEO Choi cheered up each employee on site and participated in the restoration works as well.

"The most important thing of the restoration works is safety. Please engage in the restoration in strict compliance with the stipulated procedure without rushing", said CEO Choi emphasizing the safety-first principle. "I'd like to express the deepest gratitude to the employees for their dedicated effort to protecting and saving the steelworks in the stream flooding and restoration works," added he.

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/posco-pohang-steelworks-to-resume-producing-semi-finished-steel-301622704.html

SOURCE POSCO Holdings