Hyundai Steel announced on the 30th that it will completely halt operations at its Incheon rebar plant, which produces long steel products, from July 21 to August 31 for summer maintenance. Prior to this, Hyundai Steel's Dangjin plant also began its summer maintenance on the 29th, with the process scheduled to last 17 days.
A Hyundai Steel representative explained that this production halt is "different in nature from previous plant shutdowns," clarifying that "the plant will be idle for 42 days for scheduled maintenance."
Previously, Hyundai Steel had implemented a full shutdown of the Incheon rebar plant for one month in April to reduce production due to deteriorating steel market conditions. Furthermore, on the 7th, the company began a suspension of operations at its No. 2 plant in Pohang, North Gyeongsang Province. Hyundai Steel is currently facing management difficulties due to a downturn in the industry caused by oversupply, as well as the imposition of steel tariffs by the United States.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
