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POSCO Eyes US$436 Mln in Sales of Fuel Cells From 2012

Publication Date:16-Oct-2007
03:00 PM US Eastern Timezone
Source:Asia Pulse

SEOUL--South Korea's biggest steelmaker POSCO Co. (KSE:005490) said it expects to earn 400 billion won (US$436 million) annually from the sale of fuel cells beginning in 2012.

POSCO will spend 225 billion won to build a fuel cell plant with an electrical capacity of 100 megawatts in Pohang, a port city 374 kilometres southeast of Seoul, by 2010, the company said.

In February, POSCO signed a deal to introduce fuel cell manufacturing technologies in a business partnership with U.S. FuelCell Energy Inc. (NASDAQ:FCEL), which commercialized fuel cell production for the first time, in a bid to find new growth engines.

Earlier in the day, POSCO broke ground for the fuel cell plant in Pohang.


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