Posco and Hyundai Steel to ramp up steel production

Yonhap reported that South Korean steelmakers are rushing to ramp up capacity utilization in an effort to meet rising demand at home and abroad.

According to report, leading steelmaker Posco has decided to postpone repair work on a cold rolled steel plant in Gwangyang on the south coast, originally scheduled for March 8-13, until April to meet growing demand.

No 2 steel maker Hyundai Steel Co has also advanced its repair schedule, completing repair work at the end of the year.

The move comes amid stabilizing international steel prices due to a drop in China’s steel exports, and expectations for an increase in domestic demand for steel used in construction.

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