South Korea's second-biggest steelmaker Hyundai Steel has signed a deal for technological cooperation with German producer ThyssenKrupp Steel (TKS) in order to expedite the construction of the former's integrated steel mill complex in South Korea. Hyundai Steel is aiming to become one of the world's top ten steel groups with the project for its new steel complex.
Under the terms of the agreement, ThyssenKrupp will provide Hyundai with a range of steel making, coking and overall operational technologies, from blast furnaces to hot rolled steel products.
Hyundai Steel plans to finalize the construction of its eight million mt per annum-facility by 2011, with an additional upgrade expanding the capacity to 12 million mt by 2015. The total cost of the investment will be Won 5.24 trillion ($5.68 billion).
Commenting on the deal, Hyundai Steel's spokesperson said, "TKS has extensive knowledge in operating a blast furnace, which will play a significant role in stabilizing Hyundai Steel's preliminary steps in the mega project."