South Korea’s state-backed steel company said it...

South Korea’s state-backed steel company said it has expanded one of its plants, making the country the world’s eighth-largest producer of steel. A company spokesman said the $1.3-billion expansion project of the Pohang Iron & Steel Co. mill at Kwangyang Bay on the south coast doubles its annual crude steel output capacity to 5.4 million metric tons, and brings the company’s total capacity to 15 million metric tons. The company’s other plant in the southern city of Pohang has a crude production capacity of 9.6 million metric tons a year.