Business & Finance
POSCO says no production loss from fire percent
SEOUL : South Korea's POSCO , the world's third biggest steelmaker, said on Friday that one of its blast furnaces in the
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"No production damage and no casualties have been reported so far. The fire started due to a small explosion at a gas pipe which had leakage. Once heavy dust near the furnace is cleared, we will find out the exact damage to the facility," a POSCO spokesman said.
A firefighter in Gwangyang confirmed POSCO's assessment of the incident.
The No.2 furnace, where the accident broke out, has an annual production capacity of 3.5 million tonnes, around 10 percent of POSCO's total capacity, the spokesman said.
Shares in POSCO extended losses after the news, losing 5.4 percent in a wider market down 4.5 percent as of 0204 GMT.
Copyright Reuters, 2011