POSCO completed the largest electric arc furnace in South Korea at its Gwangyang plant on June 17. Construction of the facility began on February 6, with an estimated total investment of KRW 600 billion ($451 million). The furnace has an annual production capacity of 2.5 million tons of steel. According to steelradar.com, construction is expected to be completed by the end of 2025, with formal operation beginning in 2026. POSCO ordered a continuous scrap charging system from Consteel and will use Tenova's Consterrer electromagnetic mixing system for the project. The company plans to produce steel using molten steel from the electric arc furnace or by mixing it with pig iron from blast furnaces. POSCO aims to improve energy efficiency by using waste gas from the furnace to preheat scrap steel. The completion of the furnace is the first major molten iron production facility built since the commissioning of the No. 5 blast furnace at the Gwangyang Steelworks in 2000, according to ajupress.com. POSCO Group Chairman Chang In-hwa referenced the company's founding spirit of 'jeolboguk,' or nation-building through steelmaking, in an anniversary message to employees. He also stated that external uncertainties, including the spread of protectionism and the weaponization of resources, have risen higher than ever, and stressed the need to follow the determination of predecessors and achieve management goals through innovation and execution, according to en.sedaily.com.