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Hyundai Steel Dangjin Steelworks Overview (Photo = Hyundai Steel) |
[Alpha Biz= Paul Lee] Hyundai Steel announced on Thursday that it will completely shut down the rebar production line at its Incheon plant next month.
This will be the first time in the company's history that Hyundai Steel has fully halted its rebar plant for a month. The decision appears to be driven by the unavoidable need to reduce rebar production due to external challenges, including the influx of low-priced steel products from China, the potential resumption of tariffs under the second Trump administration, and a domestic construction market downturn.
Hyundai Steel plans to decide whether further production cuts at the Incheon plant will be necessary based on market conditions after April. The Incheon plant has an annual production capacity of 1.5 million tons of rebar and 2 million tons of shape steel.
Hyundai Steel has also entered an emergency management system starting from the 14th of this month. Executives will have their salaries reduced by 20%, and voluntary retirement will be offered to employees aged 50 and above until the 18th of next month.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
