POSCO to spend ₩70 billion on expanding industrial gas storage capacity

POSCO will spend 70 billion won to expand its storage capacity of oxygen and nitrogen gas to 60,000 tons and 46,000 tons, respectively, from the current 49,000 tons and 36,000 tons.

The firm operates industrial gas tankers in Pohang and Gwangyang, the southern South Korean cities where its steel factories are located.

POSCO also expects to sell 450,000 tons of industrial oxygen and nitrogen gas yearly beyond 2024, accounting for 10% of the country's market need.

Shipbuilding, automobile manufacturing, and semiconductor manufacturing are the primary industries that employ oxygen and nitrogen gas.