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South Korea's leading steelmaker POSCO Friday unveiled a 905 million dollar plan to produce synthetic natural gas from coal for its own use.
The world's fourth-largest steelmaker said it would build a new plant in the southern port of Gwangyang by 2013 to produce 500,000 tons of synthetic natural gas a year.
POSCO said the cheaper energy would save it about 200 billion won (172 million dollars) a year.
Announcing its quarterly results Thursday, the company said it would spend 7.3 trillion won in upgrading and expanding facilities this year.
The firm's third-quarter net profit declined 6.3 percent from a year earlier to 1.14 trillion won due to lower world steel prices.
