POSCO to promote normal operation of blast furnaces at Pohang Works around September 10

POSCO is accelerating restoration work at the Pohang Works following typhoon damage.

Rhea-AI Summary

POSCO is accelerating restoration work at the Pohang Works following typhoon damage. Key updates include:

• Normalization of the Iron and Steel Making Substation by the morning of September 7.
• Power recovery at the steelworks expected to be complete by September 10.
• Three blast furnaces will sequentially resume operation starting September 10.
• Environmental maintenance will be finalized during the Chuseok holiday.

Collaboration with various entities has facilitated extensive drainage efforts to manage flood impacts.

Positive

• Resumption of operations at three blast furnaces beginning September 10.
• Environmental maintenance completion planned during Chuseok holiday.

Negative

• Underground facilities in the steelworks were significantly flooded due to typhoon damage.

Argus Session date unavailable

-3.19% session move Open Argus

Details

News Market Reaction – PKX

The recorded move for PKX in the trading session of this news was -3.19%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

- The normalization of the Iron and Steel Making Substation is scheduled to be completed this morning… Target to complete power recovery by the 10^th

- The steelworks is also scheduled to resume operation within the holiday period

- All environmental maintenance in the steelworks will be completed within the Chuseok holiday period

SEOUL, South Korea, Sept. 7, 2022 /PRNewswire/ -- POSCO's typhoon damage restoration work is accelerating. POSCO is planning to operate the three blast furnaces at the Pohang Works, which are currently blown down, sequentially from the 10th.

The Iron and Steel Making substation, which suffered flood damage, will be normalized this morning, and desalinated water facilities and LNG power plants will be normalized one after the other by tomorrow to supply steam and oxygen nitrogen necessary for the early operation of the blast furnace. The goal is to normalize the Rolling Substation by the 10th to complete the power recovery at the steelworks.

Steelmaking plants will also be linked to handle the molten iron produced from the blast furnaces and will operate during the Chuseok holiday period.

Due to the typhoon damage, underground facilities in many areas of the steelworks were flooded. Extensive drainage work for underground facilities is currently in progress, and the Gyeongbuk Fire Department supported 8 large water pumps and three shipbuilding companies including Hyundai Heavy Industries provided a total of 78 water pumps and emergency generators.

During the Chuseok holiday, employees of Pohang Works, as well as employees of the Gwangyang Works, will adjust the operation plan to support recovery, and all environmental maintenance within the Works will be completed within the holiday period.

View original content:https://www.prnewswire.com/news-releases/posco-to-promote-normal-operation-of-blast-furnaces-at-pohang-works-around-september-10-301619906.html

SOURCE POSCO Holdings

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What date will POSCO resume operations at the Pohang Works after the typhoon?

POSCO plans to resume operations at the Pohang Works, starting with the three blast furnaces on September 10.

How is POSCO handling the typhoon damage at its facilities?

POSCO is normalizing the Iron and Steel Making Substation and implementing extensive drainage operations to mitigate flood impacts.

Will POSCO's operations continue during the Chuseok holiday?

Yes, POSCO's steelmaking plants will continue operations during the Chuseok holiday.

What environmental maintenance is POSCO conducting at its steelworks?

All environmental maintenance at POSCO's steelworks is scheduled to be completed during the Chuseok holiday.

Which facilities at POSCO were impacted by the recent typhoon?

The Iron and Steel Making substation and multiple underground facilities were impacted, leading to significant flooding.