Taekwang Industrial Co., a South Korean chemical fiber company, said Wednesday that it will begin commercial production of carbon fiber starting in March of next year for the first time in South Korea.

The company developed the polyacrylonitrile-based carbon fiber in 2009 and has commenced construction for the high-end material in the Ulsan industrial complex on the southeastern coast of the country.

The plant will start commercial operation in March next year with an annual capacity of 1,500 tons of carbon fibers and 3,000 tons of precursors, the key basic building material for PAN-based carbon fiber, said Taekwang Industrial.

Taekwang Industrial has injected 150 billion won ($129.4 million) into the development and the plant.

Carbon fiber is 10 times stronger than steel but only 20 percent its weight. It can be used in the building of airplanes, spaceships, sports equipment, cars and wind power generators.

South Korea currently imports the 2,400 tons of carbon fiber from companies in Japan and the United States.

The company also said that the indigenous high-quality materials are expected to replace imported carbon fiber in the local market.

Taekwang Industrial said the facility expansion will help the company make inroads into the fast-growing overseas market and become one of the top global carbon fiber manufacturers.

(Yonhap News)