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DEEP RESEARCH · Nexteel

Nexteel: Alaska LNG Upside and the 42-Inch Mainline Risk

A pipe value-chain review of Alaska LNG, POSCO International, 26-inch ERW, and Pohang Plant 3 timing.

Date: 2026-01-21 · energy infrastructure and pipe value-chain lens · Naver Blog source and references

Investment decisions are your own responsibility. This material is research and is not a buy or sell recommendation.

0. Bottom line first

Nexteel’s realistic Alaska LNG upside is feeder and gathering lines using its 26-inch ERW strength, not the full 42-inch mainline. The October 2027 Pohang Plant 3 delay is the key timing risk.

Nexteel Alaska LNG project image

1. Project scale

Official fact: Alaska LNG is presented as a USD 45bn, roughly KRW 64tn project with 20 million tons per year, or 20 MTPA, of LNG capacity after completion.

Official fact: The pipeline is 807 miles, about 1,300km, requiring 42-inch pipe, 2,075 psig or about 143 bar pressure, API 5L X80 or above, low-temperature toughness, and strain-based design.

Alaska LNG value chainFrom gas field to LNG exports
Glenfarnedeveloper
Baker Hughesequipment and equity
POSCO Intl.20-year, 1 mtpa HOA
Nexteelpipe partner candidate
The key is whether POSCO International’s steel channel reaches Korean pipe makers.

2. Nexteel position

Official fact: Nexteel built a 26-inch ERW line in July 2023, described as Asia’s largest. But ERW is generally limited to 24-26 inches, making the 42-inch mainline difficult with current equipment.

Current

26-inch ERW

Suitable for feeder and gathering lines.

Investment

KRW 193.3bn

Roll-bending and spiral equipment, 36% of equity.

Timing

October 2027

Pohang Plant 3 startup is presented as delayed by about two years.

3. Performance scenario

ItemAssumptionMeaning
Total steelAbout 1.2mn tonsTotal pipeline demand
Addressable20%, 240,000 tonsFeeder, gathering, plant piping
Nexteel volume70,000-120,000 tons30-50% share assumption
Price per tonKRW 2.0-2.5mnX80 high-spec pipe
Additional revenueKRW 140-300bnPotential project contribution

4. Risks and conclusion

Nexteel pipe equipment image

  • Q3 2024 standalone revenue was about KRW 121.9bn.
  • Korean steel and pipe are under a Section 232 quota of about 2.63mn tons per year.
  • More than 90% of revenue comes from exports, especially North America.
  • Environmental litigation, permitting, funding, and FID delays are project risks.

Nexteel is best viewed as a high-beta feeder-line play inside POSCO International’s supply channel, not the default mainline winner.

Sources

Naver original