Repairs are planned at the companies' facilities in Kwanyang and Tangjin
South Korean steel companies POSCO and Hyundai Steel will carry out maintenance of hot rolling mills at their enterprises in the autumn 2023. SteelMint informs about it.
POSCO will begin renovations at the 3rd hot rolling mill at the plant in Gwangyang (South Jeolla Province) in early September. It will last 20 days.
In mid-September, Hyundai Steel will repair its 2nd hot rolling mill at the steel plant in Tanjin – the maintenance of the equipment will last 10 days. After that, in mid-October, the repair of the 1st hot rolling mill will take place. The company has a production capacity of 8.5 million tons per year for the production of hot-rolled sheet.
Hyundai Steel will also continue to develop a new automotive steel line after already receiving orders for new steel products and parts for electrified vehicles, the company said in a report released in late July.
As GMK Center reported earlier, POSCO Group in the second quarter of 2023 increased steel production by 4.1% compared to the previous quarter – up to 8.851 million tons. Compared to the same period in 2022, the indicator increased by 3.6%. The production of steel products during this period increased by 1.5% q/q and 1.7% y/y – up to 8.48 million tons.
The company intends to 2030 to reduce carbon emissions by 10%. To do this, POSCO will invest $14 billion in the construction of two electric arc furnaces at factories in Kwangyang and Pohang, which are planned to be launched in 2025 and 2027, respectively.