AK Captial completes Hanbo purchase this week

AK Captial completes Hanbo purchase this week

The purchase of Hanbo Iron and Steel Co. by AK Capital is expected to complete on July 10. Once the purchase procedures are completed, the EAF flats plant is scheduled to be restarted in November as a separate company called Dangjin Steel Corp. (DASCO). DASCO is expected to consume 2 million tons of scrap and substitutes for production. 70% of this requirement will be met through imports and 30% from domestic supply. Furthermore, an annual consumption of about 1.15 million tons is foreseen in the bar mill complex. It is also pronounced in the industry that DASCO may also go into production of special bar quality as well as rebars.