South Korean steelmaker Hyundai Steel (Hyundai) has extended the duration of the repair and maintenance works it has been carrying out at its Incheon plant since February this year for another month, according to local media reports.
Accordingly, the company will continue maintenance works at Incheon until next month and is considering the option to operate some lines only at night times during the summer months. However, some sources indicate that Hyundai is taking these measures as part of a production cut to curb rebar output due to the slowdown in the construction sector. Domestic rebar inventories in the first quarter of this year increased by 40 percent year on year to 660,000 mt.
Also, the Korean steelmaker plans maintenance works at its Dangjin plant for three months starting from September this year.
