Hanbo Steel sale is approved by the Court

Hanbo Steel sale is approved by the Court

The Seoul District Court on Friday announced that it approved the sale of bankrupt Hanbo Steel to INI Steel-Hyundai Hysco consortium. As previously reported by SteelOrbis, sale of Hanbo Steel has been left in suspense for a long time as certain problems arose in the completion of the sale together with the delay in the court's approval. It is stated that INI-Hysco will have to invest Won 2 trillion ($1.7 billion) to normalize the operations at Hanbo Steel, which currently produces only 1.2 million tons of steel per annum. When the plant operates at full capacity, it will produce a further 3.9 million tons of hot rolled steel per annum.