A public-private joint investigation team has found that flood damage suffered by POSCO during the September typhoon was due to insufficient preparation for large-scale disasters.

The industry ministry released the results of a damage assessment by the ten-member team after the steelworks was hammered by Typhoon Hinnamnor, resulting in flooding that forced the company to take its major facilities offline.

The findings revealed insufficient drainage systems at the factory and independent power generation facilities, and called on POSCO to review the construction of infrastructure to prevent a river adjacent to the mill from overflowing.

The assessment also determined that the company suffered two-point-four trillion won, or one-point-82 billion U.S. dollars, in lost revenue, accounting for around two-point-seven percent of its annual revenue, while its suppliers lost a combined 250 billion won.

Conflicting with POSCO’s original claim that operations will be normalized by the end of 2022, the report said the plant will be back to full functionality around the first quarter of next year.