By the late 1980s, POSCO's growth had been immense. It was the fifth biggest steel company in the world, with an annual production approaching 12 million tons worth 3 trillion won. POSCO continued to expand productivity and size at a time when the steel industries of the United States and Japan were declining. POSCO completed its second-phase mill at Gwangyang in August 1988. A third-phase mill completed in 1992 further increased crude steel production to a total output of approximately 17.2 million tons a year. In terms of productivity, POSCO was the world's best steel manufacturer throughout the late 1980s and also was at the top in terms of facilities.