South Korean steel major, POSCO, announced at its regular board meeting that it has decided to invest JPY 60 billion in the construction of a new electric arc furnace (EAF) with an annual production capacity of 2.5 mnt at its Koyo plant. Construction will begin in Jan’24, with the goal of full-scale operation in 2026. This will help the company to become “carbon neutral” in 50 years.
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