South Korean steelmaker Hyundai Steel has postponed its decision to shut down its Pohang No. 2 plant, according to local media reports.
The company withdrew its plans after negotiations that were initiated due to a strong reaction from the labor unions representing its workers failed to yield any results.
As SteelOrbis reported previously, the downturn in the construction sector, caused by higher costs and slackened demand, and oversupply of low-priced Chinese steel products were behind Hyundai Steel’s decision to shut down its plant indefinitely.
