Hyundai plans new steel plant

2005-05-17

May 17, 2005 ぱ Hyundai Motor Group said yesterday that it is planning to build a steel mill in Dangjin county, South Chungcheong province. When complete, the facility will be the second factory in Korea that handles the entire steel-making process. The group's affiliate, INI Steel, said it has asked the regional government office for space within the Songsan Regional Industrial Complex. This area is close to the former Hanbo Steel plant in Dangjin. A consortium including INI Steel acquired the bankrupt steel factory last year. Hyundai Motor also has other steel subsidiaries, including Hyundai Hysco and BNG Steel. "We will announce details of the factory and the investment soon," an INI official said. Steel industry insiders expect the facility to cost 6 trillion won ($5.95 billion).