POSCO Starts First Waste-Fuel Business
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POSCO President Yoon Seok-man, left, shakes hands with Busan Metropolitan City Mayor Hur Nam-sik after signing a memorandum of understanding (MOU), Monday, to begin a waste-fuel conversion business in the southern port city.
POSCO announced Monday it would kick off the country's first-ever waste-fuel conversion business, a project to bring both economic and environmental benefits.
Asia's No. 1 steel maker by market value signed a partnership agreement with Busan Metropolitan City to construct a facility in the southern port city starting the end of next year.
Company officials said an estimated 180 billion won _ to be covered partially by POSCO, the central and regional government _ will be invested in the project by 2010.
Advancing from the traditional measures of disposing of waste in landfills or by burning it, the new technology will generate about 25,000 kW (25mW) of electricity from non-recyclable domestic waste.
The steel group predicts annual revenue of about 16.6 billion won from the production of electricity. BY cutting CO2 emissions, POSCO also expects to secure about 125,000 tons of carbon credits.
POSCO President Yoon Seok-man, POSCO E&C President Han Soo-yang and Busan Metropoiltan City Mayor Hur Nam-sik were among those who attending a signing event.The source of news : The Korea Times
