South Korean steelmaker Youngheung Iron & Steel, which has recently built new facilities for the production of induction wire at its Yangsan Plant for use in automotive parts, is conducting sample tests on its induction wire for customers at home and abroad.
If tests are successful, starting from next year Youngheung Iron & Steel is expected to start mass production of induction wire at the new plant.
The steelmaker plans to sell the induction wire mainly in the overseas market. Since the materials for automotive spring are being changed all over the world in accordance with the trend of reducing weight of automotive vehicles, demand for induction wire is expected to increase at a fast pace in the future.
Youngheung Iron & Steel has been capable of producing 120,000 metric tons of induction wire per year up to now, but its annual production capacity is expected to increase to 160,000 metric tons after November this year when the company will step up production at its new induction wire line.