South Korean steelmaker Hyundai Steel will close its Incheon stainless steel plant at the end of the year, exiting the stainless steel market, according to media reports.
The decision was due to decreasing sales to its main customers such as Hyundai Motor and competition with Chinese products.
The company has informed its labor union about its decision and plans to transfer employees to other plants.
In 2022, the Incheon plant produced 100,000 mt of stainless steel, while it has an annual production capacity of 200,000 mt.
