December 04, 2008

POSCO starts first waste fuel business

POSCO announced that it would kick off the Korea's first ever waste fuel conversion business, a project to bring both economic and environmental benefits. It signed a partnership agreement with Busan Metropolitan City to construct a facility in the southern port city starting the end of next year.

A POSCO official said that an estimated KRW 180 billion to be covered partially by POSCO, the central and regional government will be invested in the project by 2010. Advancing from the traditional measures of disposing of waste in landfills or by burning it, the new technology will generate about 25,000 kW of electricity from non recyclable domestic waste.

POSCO predicts annual revenue of about KRW 16.6 billion from the production of electricity. BY cutting CO2 emissions, POSCO also expects to secure about 125,000 tons of carbon credits.