Detail

`Pohang Iron and Steel Co., Ltd. (POSCO) will celebrate on July 3, 1973, the Inauguration of Pohand Steel Works which is the key industry of the nation`s Third Five Year Economic Development Plan. To pursue the Government policy for modernization and industrialization of the country, POSCO carried out the initial ground breaking for the construction of the integrated iron and steel mill to include modern type and large scale ironmaking, steelmaking and rolling mill plants on April 1, 1970, under positive assistance of the Government. Normal operation of the mill will meet the domestic steel demand and consequently will lead to a better foreign exchange position of the nation. It also will greatly contribute to the well-balanced industrial structure of the country by expenditing the development of related industries such as machinery, construction, automobile, shipbuilding, mining, etc. The Pohang Steel Works is capable of producing 1.03 million tons of crude steel per annum and the products mix of plates, hot rolled coil, sheets, skelps and billets. POSCO has also finalized an expansion project plan, under which construction will begin this year, to produce 2.6 million tons, aiming at final production capacity of 7 million tons, of crude steel per annum. In order to give wide publicity of this historic dedication of Pohang Steel Works, the Ministry of Communications is issuing this commemorative postage stamp.`