POSCO plans to expand its oxygen and nitrogen storage facilities to explore the industrial gas market in earnest. 
 
Korea’s top steelmaker broke ground on its oxygen factory in Pohang on Wednesday to build additional gas tanks.
 
Currently, the company stores 49-thousand tons of oxygen at its steel mill in Pohang and 36-thousand tons of nitrogen at its Gwangyang steelworks. 
 
POSCO will invest some 70 billion won in increasing its storage capacity to 60-thousand tons and 46-thousand tons, respectively, by the second half of next year.
 
Oxygen and nitrogen are used in various industries, including the steelmaking, shipbuilding, automobile and semiconductor sectors.
 
Based on the expanded gas storage facilities, the company plans to sell 450-thousand tons of oxygen and nitrogen annually from 2024. The amount accounts for ten percent of market demand in Korea.