Korea Herald reported that South Korean steel giant POSCO is making an all-out effort to stabilize the supply chains for stainless steel products after production at its steel mills in Pohang in North Gyeongsang Province was hit by a recent flood. POSCO plans to covert export-oriented products into those for the domestic market in an effort to prevent a glitch in local supply chains. POSCO official said “By the end of this year, we need to supply 326,000 tonnes of stainless steel for local clients. Currently, the inventory in the market stands at 324,000 tonnes, while Posco alone holds 86,000 tonnes. And there are some 104,000 tonnes of replacements.”As part of efforts to stabilize the local supply, Posco also plans to closely coordinate with Gwangyang Steel Mill in South Jeolla Province and its overseas factories in China and Thailand. In preemptive measures, it is extending business ties with local and foreign stainless steel makers. When it comes to stainless steel thick plates, it is working with local producers, while talks are ongoing with overseas partners to secure stainless steel for vehicle exhaust systems.Stainless steel products were among those hit hard by a recent typhoon, but POSCO has predicted a limited impact as they are resistant to water and corrosion.POSCO added its second cold-rolled mill for stainless steel is expected to resume production by December.
Korea Herald reported that South Korean steel giant POSCO is making an all-out effort to stabilize the supply chains for stainless steel products after production at its steel mills in Pohang in North Gyeongsang Province was hit by a recent flood. POSCO plans to covert export-oriented products into those for the domestic market in an effort to prevent a glitch in local supply chains. POSCO official said “By the end of this year, we need to supply 326,000 tonnes of stainless steel for local clients. Currently, the inventory in the market stands at 324,000 tonnes, while Posco alone holds 86,000 tonnes. And there are some 104,000 tonnes of replacements.”As part of efforts to stabilize the local supply, Posco also plans to closely coordinate with Gwangyang Steel Mill in South Jeolla Province and its overseas factories in China and Thailand. In preemptive measures, it is extending business ties with local and foreign stainless steel makers. When it comes to stainless steel thick plates, it is working with local producers, while talks are ongoing with overseas partners to secure stainless steel for vehicle exhaust systems.Stainless steel products were among those hit hard by a recent typhoon, but POSCO has predicted a limited impact as they are resistant to water and corrosion.POSCO added its second cold-rolled mill for stainless steel is expected to resume production by December.
