SKorea's POSCO begins to build pipe plant in US
South Korea's steel giant POSCO has broken ground to build a $129 mllion plant to produce pipes in California, the company said on Sunday.
By Agencies |
SEOUL: South Korea's steel giant POSCO has broken ground to build a $129 mllion plant to produce pipes in California, the company said on Sunday.
The USP jointly invested by POSCO, US Steel and South Korea's SeAh Steel will annually produce up to 270,000 tons of pipes for petroleum, it said.
POSCO, the world's fourth largest steel maker, and US Steel own a 35 percent stake in the new factory to be completed in Pittsburgh, California, by April 2009 it said, adding the remaining 30 per cent goes to SeAH.
The plant will produce the American Petroleum Institute-certified steel pipes for which demand is growing in the US and Canadian markets, it added.
North America accounts for more than 15 percent of the global demand for petroleum pipes, annually importing over a million tons of large-caliber ones, POSCO said.
POSCO and US Steel launched a joint venture, UPI, in Pittsburgh, California, in 1986 to produce cold-rolled and galvanized steel.
The USP jointly invested by POSCO, US Steel and South Korea's SeAh Steel will annually produce up to 270,000 tons of pipes for petroleum, it said.
POSCO, the world's fourth largest steel maker, and US Steel own a 35 percent stake in the new factory to be completed in Pittsburgh, California, by April 2009 it said, adding the remaining 30 per cent goes to SeAH.
The plant will produce the American Petroleum Institute-certified steel pipes for which demand is growing in the US and Canadian markets, it added.
North America accounts for more than 15 percent of the global demand for petroleum pipes, annually importing over a million tons of large-caliber ones, POSCO said.
POSCO and US Steel launched a joint venture, UPI, in Pittsburgh, California, in 1986 to produce cold-rolled and galvanized steel.
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