South Korea’s POSCO to close blast furnace No.1 at Pohang works – reports

South Korean steel giant POSCO is planning to shutdown its blast furnace No.1 at Pohang Works by next year after assessing demand trends. Launched in 1973, this is the oldest furnace having a production capacity of 1.3 mn t per year. The company, earlier in July, resumed BF No.3 at Gwangyang Steel Works, expanding its capacity to 5500 cubic meters. (Inputs from Japan Metal Daily)