Friday October 16, 09:49 AM
S.Korea steel giant to build gas plant
SEOUL (AFP) - South Korea's leading steelmaker POSCO (005490.KS - news) on Friday unveiled a 905 million dollar plan to produce synthetic natural gas from coal for its own use.
The world's fourth-largest steelmaker said it would build a new plant in the southern port of Gwangyang by 2013 to produce 500,000 tons of synthetic natural gas a year.
POSCO said the cheaper energy would save it about 200 billion won (172 million dollars) a year.
Announcing its quarterly results on Thursday, the company said it would spend 7.3 trillion won in upgrading and expanding facilities this year.
The firm's third-quarter net profit declined 6.3 percent from a year earlier to 1.14 trillion won due to lower world steel prices.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
