Pyoungtaek port launches general wharf with private capital

Pohang Iron and Steel Co. (POSCO) kicked off a construction ceremony for its 5th berth in the general wharf in the Port of Pyoungtaek on Feb. 14. This is to satisfy the general cargoes for the metropolitan and Chungchong areas.

Around 200 people, including the governor of Kyounggi, Im Chang-yeol, and the chiefs of Pyoungtaek city, attended the ceremony.

POSCO Engineering and Construction, an affiliate of the POSCO Group, will take charge of this project, scheduled for completion by the end of 2003, with investment standing at 22 billion won. The fifth berth will be replacing the first berth, originally built by the government, and used by POSCO as a steel dedicated wharf since 1998. This new berth may be able to handle 30,000-ton vessels.

POSCO will return this berth to the government when completed, paying all expenses, and in return, use the first berth free of charge for 50 years.