POSCO reaffirms intent to fully normalize typhoon-affected facilities by December

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SEOUL, Sept. 21 (Yonhap) — South Korea’s leading steelmaker POSCO said Wednesday it will complete normalization of its facilities damaged by a recent typhoon within three months, stressing that no major supply problems would not happen since its product stocks are sufficient to last 2-3 months.

POSCO was forced earlier this month to shut down three blast furnaces at its steelworks and steel processing facilities in Pohang, about 370 kilometers southeast of Seoul, as Typhoon Hinnamnor pounded some of its facilities.

Production of cold-rolled steel sheets and stainless steel was the hardest hit by the powerful typhoon which killed more than 10 people and left severe flooding and damage in its wake.

The steelmaker earlier expected 2.4 trillion won ($1.7 billion) in lost revenue, or about 2.7% of the steelmaker’s annual revenue, with 170 tonnes of lost production.

POSCO’s Pohang Steel Mill generated 18.49 trillion won in sales last year, accounting for about 24 percent of the group’s total.

Earlier this week, the steelmaker restarted all of its three typhoon-hit blast furnaces in phases after a week-long shutdown. But some rolling and other facilities remained closed.

The company said it would increase production at five blast furnaces in the southwest city of Gwangyang, about 300 kilometers south of Seoul, as none of them were hit by the typhoon.

In addition, it plans to import steel products from its factories in Indonesia, India, China and Thailand.

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