Sales Decline Amounts to KRW2.04tn
The Ministry of Trade, Industry and Energy announced on Nov. 14 that POSCO is expected to completely recover itself from typhoon damage in the first quarter of next year.
According to its damage investigation results, Hinnamnor caused a flood near its plants, the water flowed in to affect power receiving facilities, and power outages and fires occurred as a result to lead to production paralysis. The ministry said that the typhoon caused a sales decline of 2.04 trillion won in POSCO and 250 billion won in subcontractors.
The plants are being put back into operation one after another. A total of 18 plants had to be stopped in September and 15 are expected to return to normal by the end of this year.
“There were concerns over the supply of electrical steel sheets, wire rods and STS, supplied only by POSCO in South Korea, but the concerns were properly dealt with by production at POSCO’s plants in Gwangyang and imports,” the ministry explained.