Hyundai Motor to become world’s 8th largest steel producer
Following Hyundai Motor's takeover of INI Hanbo Steel, once operations commence at the newly acquired Hanbo Iron & Steel plant, Hyundai Motor Group will become the world's eighth largest steelmaker. The Hanbo plant located in Dangjin is expected to return to normal operations at the end of 2006. At that time INI Steel's
production capacity is expected to reach 12.7 million tons per year, while Hyundai Hysco's
production capacity is expected to be 5 million tons per year. Together with BNG Steel Co., another subsidiary of Hyundai Motor, their combined
production capacity will total 18 million tons annually.
As SteelOrbis previously reported, Hyundai Hysco Co and INI Steel Co received court approval for their merger in late September.
According to an official from Hyundai Motor, the company is also seriously considering to build a blast furnace at the plant in order to enable the company to supply high-quality steel and increase the company's competitiveness as an auto manufacturer.
Currently, POSCO is the only steelmaker in South
Korea with a blast furnace.