November 21, 2008

Hyundai Steel may invest USD 2.4 billion in 3rd BF

Bloomberg reported that South Korea's second largest steelmaker Hyundai Steel Co may spend KWR 2.3 trillion (USD 2.4 billion) to build a third blast furnace by 2015 as demand for steel used in cars and ships soars.

Mr Kim Soo Min executive VP of Hyundai Steel Co told that the new BF may produce 4 million tonnes of steel per year.

Hyundai Steel currently produces 11 million tonnes of steel from its electric arc furnaces. Output from its first two blast furnaces under construction will start from 2010 which will have a combined capacity of 8 million tonnes per year.