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[Apha Biz=(Chicago) Reporter Paul Lee] Hyundai Steel will stop operating its stainless steel plant in Incheon within this month.
According to the industry on the 20th, Hyundai Steel decided to stop operating its stainless steel plant in Incheon by the end of this month. As a result, the labor union and about 60 employees are in talks to deploy them to other production lines at the Incheon plant.
Hyundai Steel has produced stainless steel products at its Incheon plant since 1990. Production, which was 200,000 tons per year at most, has recently fallen below 100,000 tons per year.
Hyundai Steel handed over its stainless steel business rights to its subsidiary Hyundai B&G Steel last year and received orders from Hyundai B&G Steel for consignment production.
However, Hyundai B&G Steel is said to no longer place consignment production orders to Hyundai Steel. The move is aimed at focusing on sales of stainless steel produced at its direct plants, including its headquarters in Changwon, at a time when imports such as those from China are increasing and domestic prices are falling.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
