Hyundai Steel to reduce rebar production capacity in Incheon starting in March

South Korean steel producer Hyundai Steel will partially shut down its rebar production lines at its Incheon plant on March 2 this year. This was reported by Alpha Biz, citing industry sources.

The closure affects steel production in a 90-ton electric arc furnace and a small rolling mill at the plant. The company approved this move back in January 2026, citing deteriorating market conditions. The plant’s annual capacity for rebar production is 1.6 million tons, while the rolling mill, which is to be closed, has a capacity of 750,000 tons.

The transfer of employees will be divided into internal transfers within the Incheon plant and inter-plant transfers. The latter will mainly involve job offers at the company’s other steel mill in Danji. Hyundai Steel has also offered the union a number of support measures.

The company’s move regarding Incheon is part of Hyundai Steel’s broader efforts to restructure its rebar production, made against the backdrop of a prolonged downturn in the domestic market for this product. Total demand for rebar in South Korea has fallen from approximately 11 million tons in 2021 to approximately 7.8 million tons in 2024, fluctuating at around 7 million tons last year.

At the end of last year, Hyundai Steel announced an investment program worth 170 billion won ($116 million) until 2032 to secure high-quality scrap and develop low-carbon raw material production capabilities.