Posco Chemical builds new refractory factory in S. Korea

This photo, provided on Wednesday, shows its new refractory plant in the southern port city of Pohang, about 370 kilometers away from Seoul. (Posco Chemical Co.)

Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it has completed the construction of a new refractory plant in the southern city of Pohang as part of its efforts to boost production of basic industrial materials.

The 49.2 billion won ($41.5 million) plant has an annual production capacity of some 21,700 tons of unfired refractory materials, which will boost the company's combined annual production capacity of the materials by 14 percent to 52,500 tons, it added.

Refractories refer to materials that keep form at high temperatures and are used in industrial facilities like steelmaking furnaces. (Yonhap)