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Hyundai Steel to build $5.5 bn steel plant

Written by: Staff
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Seoul, Oct 27: South Korea's Hyundai Steel Co. <004020.KS>, 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 <005490.KS> 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 <005380.KS> is South Korea's top auto maker and world no. 6 by sales volume with affiliate Kia Motors Corp.

Reuters

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