SEOUL -- Posco will close a nearly 50-year-old furnace in its home city next year, the South Korean steelmaker said Tuesday, part of an effort to become more competitive as earnings sag amid a worldwide steel glut.
The No. 1 blast furnace at the Pohang works, which dates to 1973, can produce up to 1.3 million tons of crude steel a year, just over 3% of Posco's total capacity.
