Hyundai EAF closures boost South Korea steel beam prices

Closures at Hyundai Steel's electric arc furnaces (EAFs) in Incheon have reduced supply and raised prices for steel beams in South Korea, a company spokesman told Fastmarkets.

Hyundai closed two EAFs at its Incheon works in mid-October due to a $100-million upgrade of its steel beam rolling process, the spokesman said on Tuesday December 29.

Following the update, South Korea’s second largest steelmaker will be able to raise its production capacity for steel H-beams at the Incheon works by 66,000 tonnes per year and by 33,000 tpy for 460...

Published

Lee Allen

December 30, 2020

12:54 GMT

Singapore