South Korean steel giant Posco held a groundbreaking ceremony for the extension of construction of oxygen & nitrogen storage tanks at Pohang Works on 27 April 2022. Posco plans to invest KRW 70 billion was invested by Pohang & Gwangyang Works. The oxygen & nitrogen storage ability of both steelworks will increase to 106,000 tonnes in total by 2023 and annual sales of 450,000 tonnes are expected from 2024. The daily supply amount is about 1,200 tonnes, which is about 60 units of tank trucks and this is expected to contribute to stabilizing supply and demand for gas distributors and small and medium-sized consumers as well as revitalizing the local economy. Posco expects to contribute to stabilizing the supply of industrial gas of front industries such as semiconductors and shipbuilding with Korea’s largest oxygen and nitrogen facility base.POSCO has oxygen & nitrogen storage tanks containing 49,000 tonnes and 26,000 tonnes in Pohang and Gwangyang Works, respectively, and produces and uses oxygen and nitrogen for the combustion of iron ore and coal and elimination of carbon impurities during the steelmaking process and supplies the remainder to the outside.Oxygen and nitrogen are essential industrial gases used in various industries such as steel as well as semiconductors, shipbuilding, chemicals, and automobiles, and the size of the domestic distribution market alone reaches about 4.5 million tonnes a year. As demand for oxygen and nitrogen gas continues to increase due to the recent boom in Korea’s semiconductor and shipbuilding industries, securing stable supply chains has become important, especially for small and medium-sized companies.POSCO is fostering industrial gas as a new growth engine in line with its ESG management through continuous investment. POSCO plans to establish a coexistence model for the Korean industrial gas market by promoting the localization of rare gases such as neon (Ne), zenon (Xe), and krypton (Kr) with small giant companies as well as increasing the supply of oxygen and nitrogen using the facilities it has.
South Korean steel giant Posco held a groundbreaking ceremony for the extension of construction of oxygen & nitrogen storage tanks at Pohang Works on 27 April 2022. Posco plans to invest KRW 70 billion was invested by Pohang & Gwangyang Works. The oxygen & nitrogen storage ability of both steelworks will increase to 106,000 tonnes in total by 2023 and annual sales of 450,000 tonnes are expected from 2024. The daily supply amount is about 1,200 tonnes, which is about 60 units of tank trucks and this is expected to contribute to stabilizing supply and demand for gas distributors and small and medium-sized consumers as well as revitalizing the local economy. Posco expects to contribute to stabilizing the supply of industrial gas of front industries such as semiconductors and shipbuilding with Korea’s largest oxygen and nitrogen facility base.POSCO has oxygen & nitrogen storage tanks containing 49,000 tonnes and 26,000 tonnes in Pohang and Gwangyang Works, respectively, and produces and uses oxygen and nitrogen for the combustion of iron ore and coal and elimination of carbon impurities during the steelmaking process and supplies the remainder to the outside.Oxygen and nitrogen are essential industrial gases used in various industries such as steel as well as semiconductors, shipbuilding, chemicals, and automobiles, and the size of the domestic distribution market alone reaches about 4.5 million tonnes a year. As demand for oxygen and nitrogen gas continues to increase due to the recent boom in Korea’s semiconductor and shipbuilding industries, securing stable supply chains has become important, especially for small and medium-sized companies.POSCO is fostering industrial gas as a new growth engine in line with its ESG management through continuous investment. POSCO plans to establish a coexistence model for the Korean industrial gas market by promoting the localization of rare gases such as neon (Ne), zenon (Xe), and krypton (Kr) with small giant companies as well as increasing the supply of oxygen and nitrogen using the facilities it has.
