Dongkuk Ind. finally sells HGI production facilities

South Korean steel producer Dongkuk Ind. has finally sold its superannuated facilities for the production of hot rolled galvanized steel sheets (HGI), according to Korean industry sources.
 
Korea Machinery, working on behalf of Dongkuk Ind., is known to have recently sold the facilities to an Indian company. Korea Machinery, which has experience of purchasing facilities from other local steelmakers including Union Steel, will also be in charge of dismantlement and repair works at the HGI facilities.
                                   
Dongkuk Ind. had been looking for about KRW 4 billion for the HGI facilities four and a half years ago, but has now reportedly sold the facilities for no more than KRW 1 billion on condition that Korea Machinery will bear all the expense for facility dismantlement and repair works. Korea Machinery plans to start dismantling work at the facilities within the current year, and to complete the work within three months.
 
Dongkuk Ind. stated that, once the facilities are dismantled, it will begin preparing for the installation of a new six-stage rolling mill at its plant.