A POSCO building in Seoul / Yonhap

POSCO said Wednesday it plans to spend 70 billion won ($55.5 million) to expand its industrial gas storage facilities.

Korea's top steelmaker plans to expand its storage capacity of oxygen and nitrogen gases to 60,000 tons and 46,000 tons, respectively, from the current 49,000 tons and 36,000 tons.

POSCO runs industrial gas tanks in Pohang and Gwangyang, home to its steel mills in southern Korea.

After 2024, POSCO also plans to sell a combined 450,000 tons of industrial oxygen and nitrogen gases annually, 10 percent of the country's market demand.

Oxygen and nitrogen are mostly used in the shipbuilding, automaking and semiconductor sectors. (Yonhap)