Hyundai Steel halts production at Dangjin works
2020-06-03 08:37:04 [Print]
Hyundai Steel, South Korea's No. 2 steelmaker, said on Tuesday that it has halted production of its electric arc furnace plant on South Korea's western coast due to weak demand.
The company, part of Hyundai Motor Group, said some operations were halted at the Danjin Integrated Steelworks, 123 kilometers south of Seoul, starting this week. It said orders have dwindled to near zero for June.
In the past, the steel mill tried to cope with weak sales by scaling back production. "The COVID-19 outbreak caused a sharp drop in demand," a corporate insider said.
The mill is a major producer of hot rolled steel sheets through either the electric arc or conventional blast furnace.
The company, part of Hyundai Motor Group, said some operations were halted at the Danjin Integrated Steelworks, 123 kilometers south of Seoul, starting this week. It said orders have dwindled to near zero for June.
In the past, the steel mill tried to cope with weak sales by scaling back production. "The COVID-19 outbreak caused a sharp drop in demand," a corporate insider said.
The mill is a major producer of hot rolled steel sheets through either the electric arc or conventional blast furnace.
