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POSCO reduces its power generation capacity

POSCO reported that it reduced its power generation capacity 10.1% in 2020, through POSCO Energy Corporation and other of its subsidiaries.

First of all, that subsidiary is the largest private power generation company in South Korea.

In 2006, POSCO acquired the largest South Korean utility company operating LNG combined cycle facilities with a total capacity of 1,800 megawatts and subsequently renamed it POSCO Energy Corporation.

Since then, this subsidiary has expanded its capacity by building additional power plants in South Korea and Southeast Asia.

POSCO Energy Corporation’s total power generation capacity was about 3,412 megawatts as of December 31, 2020, one-tenth less than a year earlier when it was 3,794 megawatts.

Also, POSCO Energy Corporation is selectively seeking opportunities to expand into the solar, wind, and other renewable energy businesses in order to become an integrated provider of energy solutions.

Simultaneously, this subsidiary operates an LNG receiving terminal with an aggregate capacity to process up to 3.3 million tons of LNG annually in Gwangyang as of December 31, 2020.

To achieve maximum operational efficiency from its LNG terminal, the company engages in the LNG trading and LNG ship gas testing businesses.

This capacity grew 10%, from 3 million tons of LNG in 2019.

POSCO

The company is the largest fully integrated steel producer in South Korea and one of the largest steel producers in the world, based on annual crude steel production.

Approximately the company produced 40.6 million tonnes of crude steel and stainless steel in 2020, a substantial part of which was produced at Pohang Works and Gwangyang Works.

At the end of 2020, it had 45.3 million tons of annual crude steel and stainless steel production capacity, including 40.7 million tons of production capacity in Korea.

The company manufactures and sells a diversified line of steel products, including hot and cold rolled products, stainless steel products, silicon steel plate, wire rod and sheet.

 

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