South Korea's second largest steelmaker Hyundai Steel said that it has started commercial operations at its new integrated steel mill.
The No. 1 blast furnace of the mill in Dangjin, 123 kilometers southwest of Seoul, was commissioned with a ceremony on April 8. The company plans to complete the No. 2 blast furnace at the end of this year, a company press release said.
Over 2,500 distinguished guests and staff attended the ceremony, including South Korean President Lee Myung-Bak, Hyundai-Kia Automotive Group Chairman and CEO Chung Mong-Koo and Chairman Roger Agnelli of Brazilian mining company Vale.
Hyundai Steel currently produces 10 million mt of steel a year in Incheon, Dangjin and Pohang in South Korea and Chingtao in China. With the first blast furnace with 4 million mt capacity in operation now and the second blast furnace in operation from 2011, Hyundai Steel's annual capacity will rise from 10 million mt to 18 million mt.