February 26, 2019 / 6:37 AM / 8 months ago

South Korea's POSCO to invest nearly $1 billion in building eco-friendly facilities by 2021

FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korean steelmaker POSCO said on Tuesday that it plans to invest a total of 1.07 trillion won ($957 million) by 2021 to build environmentally friendly facilities and cut emissions.

Under the investment plan, POSCO said it will spend 350 billion won to build new facilities after closing some of its aged power facilities. A further 330 billion won will be invested in installing equipment to reduce emissions of nitrogen oxide and sulphur oxide, the company said in a statement.

The rest of the investment will be used to expand and install facilities to filter pollutants.

Reporting by Jane Chung; Editing by Kenneth Maxwell

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