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POSCO SNNC built a second electric furnace

6 April 2015

Leader in the production of ferronickel, POSCO SNNC, completed the construction of another electric furnace. Implementation of this project will allow almost 2-fold increase in the annual production of pure nickel. To date, the volume of its production is 30 thousand. Tons, planned the figure will reach 54 thousand. Tonnes. The investments in the furnace construction of POSCO to build ferronickel production amounted to about 480.6 billion. KRW, which corresponds to 437.1 million USD. Ferronickel is a key component in the production of stainless steel. Chairman of POSCO SNNC, Kwon Oh Joong, I am sure that while building capacity and POSCO increases their advantage over the competition in the nickel sector. Activities POSCO SNNC not only helps to develop the industry in New Caledonia. As the main source for the development of the stainless industry, SNNC promotes the interests of South Korea.

In 2008 the company built its first oven. Its annual production capacity reaches 30 thousand. Tonnes. SNNC belongs to the Korean steel manufacturer POSCO and SMSP company from New Caledonia. In POSCO joint venture owned 49% of the property, SMSP — 51%. The creation of the joint venture allowed to ensure a steady flow of nickel for 80% of stainless steel smelting.

Analysts at the Japanese company Sumitomo Metal Mining Co promise nickel deficit in 2015 — the first time in 5letny period. Throughout the year, demand will exceed production by 12 thousand. Tonnes. Despite last year's surplus at the level of 36 thousand. Tons, the Chinese supply threaten to fall markedly. Representatives of the company believe that the global nickel consumption growth will fall to 4% in 2015. In 2014, demand growth was 7.4%. As for nickel production in the current year it will increase by 1.5% to 1.99 million. Tons. On the LME nickel cost for deliveries in early February increased by 1.8% to reach 15 165 USD / ton. Hiroshi Vanity, CEO for raw materials sales, believes that stocks
Chinese ore runs out in the middle of this year. After the entry into force of the Indonesian ban China started to increase volume of Philippine imports. The reserves were created in large quantities in an effort to meet the high demand. However, no matter how great the quantities were not, they are not infinite.

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