South Korean steelmaker Hyundai Steel plans to suspend some production to relieve inventory pressure from last week’s strike by truck drivers.
It is reported by local media that Hyundai Steel has decided to temporarily suspend the operation of electric arc furnaces at its Incheon and Pohang plants. One 120-tonne EAF at Incheon plant will be overhauled for 10 days ending on 29 June, and one 100-t EAF at Pohang plant will halt during 20-27 June, Kallanish learns.
This will affect the production of some construction steels such as rebars and H-beams. But the exact impact is unknown. Hyundai Steel said that “the strike of Cargo Solidarity has increased product inventories, so we have to control the production of EAFs.”