POSCO to Build Mg Industry Complex in Korea

POSCO of South Korea builds world class magnesium production base at industrial complex in Gangneung of Gangwon, South Korea where the firm builds magnesium refinery. The firm encourages South Korean and Japanese magnesium users to build plants in the complex when the firm launches the refinery in 2012 and expands the output capacity to annual 100,000 tonnes by 2018.

POSCO started the refinery construction on Friday. The chairman Chung Joon-yang said at the ceremony with around 600 attendees POSCO will contribute to growth of magnesium industry when the importance increases for the strategic material. He emphasized the firm succeeds the magnesium refinery to supply high grade magnesium ingot stably.

The firm completes the first phase of the refinery with 10,000 tonnes of annual output capacity in July 2012. The firm already secures 90,000 square meters of land for the expansion to 100,000 tonnes by 2018. With the refinery, South Korea can reduce the dependence on the import from China.

The firm tries to develop integrated magnesium industry complex at the area by encouraging downstream operations including rolling and extrusion makers and die-casting makers to build plants.