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It is reported that Korean steelmaker giant Posco planned to start its wire rod operation at its Pohang works, north of Busan by the end of May this year. The new plant has designed an annual wire rod production capacity of 700,000 tons with total investment approximately US$423 million. It will increase the company's wire rod production capacity to 2.8 million tons per year.Meanwhile, the new mill will be able to supply wire rod for making high carbon type cord with market in the US.