South Korea-based steelmaker Hyundai Steel has decided to temporarily suspend the operation of two electric arc furnaces, at its Incheon and Pohang plants, according to local media reports.
The company’s 120-ton electric arc furnace at the Incheon plant will be halted during June 20-29, while its 100-ton electric arc furnace at the Pohang plant will be shut down during June 20-27.
The suspension decision was taken due to the higher product inventories as a result of the eight days of the South Korean truck drivers’ strike, which began on June 7. The company plans to decrease its inventory during the period of suspension of the electric arc furnaces, SteelOrbis understands.