Hyundai Steel to build $5.5 bn steel plant

Seoul, Oct 27: South Korea's Hyundai Steel Co. , a unit of Hyundai Motor Group, said on Friday it would build a 5.24-trillion-won (.52 billion) steel mill as it seeks to ensure stable steel supplies for the auto business.

The country's No.2 steel maker after POSCO said the mill would have a capacity of 7 million tonnes when it is completed in 2011.

It also plans to invest an additional 2.26 trillion won to expand capacity to 12 million tonnes by 2015.

Hyundai Motor is South Korea's top auto maker and world no. 6 by sales volume with affiliate Kia Motors Corp.

Reuters