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South Korean Pohang Iron and Steel Company (POSCO) has completed the construction of a magnesium refining factory in Okgye Gangneung in the Gangwon-do province of South Korea.

The factory, with a total production capacity of 10,000 tons a year, is expected to produce environmentally friendly, high-quality magnesium ingots with non-ferrous material synergy.

The company began magnesium refining with investments in November 2009, commenced first stage of construction in June 2011, and shipped the first set of products in September.

With technology and experience from the first stage of the business, POSCO plans to develop its own vertical thermal reduction technology by 2018.

The factory enables the company to reduce dependence on China for magnesium ingot with the primary aim to establish a stable supply of high-quality magnesium ingots prepared using domestic dolomite.

POSCO CEO Chung Joonyang said, "Without forgetting the founding spirit of serving the country through steel, we will successfully operate Korea’s first domestic magnesium refining factory to increase national competitiveness and contribute to revitalising the local economy, taking on all duties in becoming a loved company."

Through the production of magnesium ingots, POSCO plans to expand synergy in the non-ferrous material industry as well as enter into new markets across the globe.

Image: Posteel tower in Teheran-ro area, Seoul, Korea. Credit: en:User:Deiz