A Total Investment of 29 Billion Won in Blue Valley National Industrial Complex
156 New Jobs to Be Created
Amid Unstable Global Trade Environment,
New Investments by Steel Companies Boost Local Economy
On July 9, Pohang City signed a memorandum of understanding (MOU) worth a total of 29 billion won with four local steel companies (Irontech, Daesung Solution, Iron, and IMI) at the main conference room of City Hall.
Pohang City signed a memorandum of understanding (MOU) worth a total of 29 billion won with four steel companies at City Hall on the 9th. (From the third left: Jeongwook Choi, CEO of IMI; Jongmok Lee, CEO of Daesung Solution; Ilman Kim, Chair of the City Council; Sangkil Jang, Vice Mayor; Hanjung Ko, CEO of Irontech; Jikyung Lee, CEO of Iron. Third from the right: Kwanghyung Lee, Advisor of Irontech). Provided by Pohang City
The event was attended by Sangkil Jang, Vice Mayor; Ilman Kim, Chair of the City Council; Haehyuk Jeong, Head of the Pohang Branch of Korea Industrial Complex Corporation; Heondeok Kim, Director of Pohang Materials Industry Promotion Agency; and the CEOs of each company.
The companies that decided to make investments this time plan to build new factories on sites within the Blue Valley National Industrial Complex.
Irontech will invest 10 billion won to establish a surface-treated steel sheet plant on a 18,267-square-meter site, while Daesung Solution will invest 10 billion won to build a steel cutting and processing plant on a 24,726-square-meter site.
Iron will invest 5 billion won to construct a welded steel section plant on a 18,572-square-meter site, and IMI will invest 4 billion won to set up a welded beam plant for seismic reinforcement on a 13,888-square-meter site.
This investment is expected to attract a total of 29 billion won and create 156 new jobs, which is being seen as a positive signal that will invigorate the local economy amid the sluggish steel market.
In particular, the fact that such investments are being made despite the unstable global trade environment?including the recent expansion of low-priced steel exports from China and the imposition of steel tariffs by the United States?is considered a meaningful opportunity to strengthen the competitiveness of the regional steel industry.
Sangkil Jang, Vice Mayor, said, "I would like to thank the companies for investing in the potential and future of Pohang despite challenging external conditions. Pohang City will actively support the advancement of the steel industry and the restructuring of the industrial ecosystem, and will spare no administrative and institutional support to ensure that investing companies can establish themselves stably."
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