“As a global leading supplier of high-efficiency electrical steel, we will continue supporting the success of our clients,” POSCO Group chairman Choi Jeong-woo said, according to the publication. “POSCO will also expand investment in eco-friendly sectors, so we can achieve the vision of carbon neutrality.”

Once a second phase of construction is completed by the end of this year, the plant will be able to produce 300,000 metric tons annually.