POSCO to spend 7 tln won in green businesses by 2018

SEOUL, Feb. 3 (Yonhap) -- South Korea's POSCO, the world's fourth-largest
steelmaker, said Wednesday it will invest 7 trillion won (US$6.07 billion) in
environmental businesses by 2018, and aim to reach 10 trillion won in annual
sales.

The sectors for investment include synthetic natural gas, wind power generation,
fuel cells and smart grid technology, the company said. The plans come after
South Korea announced late last year it will voluntarily reduce greenhouse
emissions by 30 percent of the "business as usual" level by 2020.
In October last year, POSCO said it would invest 1.1 trillion won to build a
synthetic natural gas plant that will save around 200 billion won a year
annually. The company said it also aims to reduce carbon emission generated
during the production of one ton of steel by 9 percent to 1.98 tons by 2020.
The company aims to boost revenue from green sector-related businesses to 10
trillion won by 2018 from the current level, it said. Toward that end, POSCO
plans to spend 1.6 trillion won in developing energy-saving technology.
sam@yna.co.kr
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