JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
POSCO, a South Korean steelmaker has started construction of a 2.5 million tonne per annum electric arc furnace (EAF) at its Gwangyang plant. The EAF is anticipated to be finised by the end of 2025 and officially operational in 2026.
The total investment in the project is projected at KRW 600 billion (over $451 billion). Once the production volume is reached, the company will be able to reduce carbon emissions by about 3.5 million tones per year compared to blast furnace production. In addition, the company is planning to use the gases generated during the operation of the electric arc furnace to preheat scrap.
POSCO has ordered a Consteel continuous scrap feeding system and a Consterrer electromagnetic stirring system from Tenova in Italy. POSCO aims to finish the commercialisation of its HyREX technology by 2030 and switch its Pohang and Gwangyang steel mills to steel production based entirely on hydrogen reduction technology by 2050.
The company is also stepping up its efforts to set up environmentally friendly commercial production systems abroad. The group wants to double its overseas steel production capacity by 2030 (from 5 million tonnes in 2022). POSCO has expressed interest in negotiating potential cooperation with Montenegro’s state-owned energy company Elektroprivreda Crne Gore (EPCG).
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