Korea Times reported that POSCO has restarted its improved number 4 blast furnace in the southwestern city of Gwangyang, just in time to take advantage of shrinking inventories and increasing global demand. The five month long renovation that began in February 2009 has enlarged the furnace's capacity from 3,800 million cubic meters to 5,500.

The upgraded version now stands as the world's biggest in terms of daily crude production of more than 14,000 tons of steel per day. This means more than 5 million tonnes of steel will be churned out annually, which is enough to supply domestic auto production needs for a whole year.

Mr Chung Joon yang CEO of POSCO said that "The successful relining of the number 4 furnace once again proves POSCO's technological prowess."

POSCO has raised its 2009 production target by 6.4%, from 28 million tonnes to 29.8 million tonnes, on hopes that demand from carmakers and shipbuilders will rise. The newly adjusted figure suggests that its second half profit will significantly improve, coupled with cheaper raw materials and stronger sales worldwide.

(Sourced from www.koreatimes.co.kr)