Dongkuk Steel Mill Co., one of South Korea's leading steelmakers, plans to become a global supplier of high-end steel products as part of efforts to brush off tough competition with Chinese and Japanese rivals, South Korea's media said on Monday.
Dongkuk is a partner in Brazil with Vale and Posco in the Siderurgica Pecem, a steel mill that is being built in the Pecem area, in Ceara, Brazil.
In a meeting with reporters Dongkuk’s CEO, Nam Yun-young, said the company will overcome challenges posed by Chinese and Japanese rivals by producing high-value added and specialized steel products at its Pecem steel mill.
According to the executive, the construction of the Brazilian steel mill should be completed by the third quarter of 2015. Currently, the project is 60 percent completed.
According to Yun-young, the company's stake in the Brazil plant will allow it to import steel slabs at a cheaper prices than the international market average.
As a result, it could then make steel plates for ships and marine plants