POSCO closes one wire rod plant at Pohang Steel Works...first shutdown in 45 years due to oversupply (South Korea)

South Korean steel giant POSCO suddenly closed one of its wire rod factories at its Pohang Steel Works on the 19th after it had been in operation for more than 45 years.
The company announced through a press release on the same day that the Pohang Steel Works No. 1 wire rod factory will be closed on the 45th.
The Pohang Steel Works No. 1 Wire Rod Plant began operation on February 28, 1979, and has undergone two streamlinings, producing a cumulative 100,000 units in the past 45 years and nine months.
The company has produced 28 million tons of wire rod products. Wire rod is a semi-finished steel product that is rolled into a linear shape and is an intermediate material for manufacturing steel wire, wire rope, welding rod, etc.
Wire products produced at this factory are used as materials for nails and screws, as well as tire cords and bead wires as high-strength tire reinforcement materials for automobiles.
The decision to close the plant is believed to be aimed at improving profitability and streamlining, which has been worsening due to the recent global steel glut and the onslaught of low-cost steel products from overseas.
POSCO has decided to close one wire rod factory in consideration of the impacts of the continued oversupply in the global steel market, the offensive of low-cost steel products from China and other countries, and the aging of its facilities.
They explained that they have decided to close the facility.