POSCO shuts down its No.1 wire rod plant

South Korean steel giant POSCO has closed the No. 1 wire rod plant at its Pohang steelworks in the southeast of the Korean peninsula after 45 years and 9 months of operation, citing global oversupply of the rods and falling prices, Mysteel Global learned from the company's release on November 19.

As POSCO's first wire rod mill, the plant was supplied by UK plant builder Davy McKee (now part of Primetals Technologies Ltd) and began operation on February 28, 1979, producing wire rods used as materials for nails, screws, and high-strength tire reinforcements for automobiles. Initially the mill was a