Hyundai INI obtained go-ahead for integrated steel mill
South Korean Hyundai INI Steel obtained the approval from South Chungcheong provincial government to build an integrated steel mill in Dangjin city. Dangjin city is located on the western coast of South Korea and Hyundai INI Steel is planning to build an integrated plant with Won 5 trillion ($5 billion) investment by 2010 there. The project includes two blast furnaces with a total slab production capacity of 7 million tons per annum. Currently, the only integrated steel mill in South Korea is owned by Pohang Iron and Steel Company (POSCO).