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According to Mysteel Global, citing a company announcement, Hyundai Steel—South Korea's second-largest steel producer—will shut down a rebar production line at its Incheon plant and simultaneously decommission a 90-ton electric arc furnace (EAF).
This decision was announced on January 20, following an agreement reached between company management and the Incheon plant's labor union. 50A700 Non oriented magnetic steel, The market had largely anticipated this move, as the affected rolling line—which has an annual capacity of 750,000 tons (out of the Incheon plant's total rebar capacity of 1.6 million tons)—along with its associated steelmaking system, had already been idled since January 4 of this year. Last April, Hyundai Steel had also suspended all production at its Incheon plant for approximately one month while awaiting an improvement in market conditions.
With the final closure of the Incheon rolling mill line, the combined rebar production capacity across Hyundai Steel’s three manufacturing bases—the other two being located in Pohang and Dangjin—will decrease from 3.35 million tons per year to 2.6 million tons per year.
From an industry-wide perspective—encompassing producers such as Hyundai Steel, Korea Iron & Steel, and YK Steel—South Korea’s total rebar production capacity stands at approximately 12.3 million tons per year. 50A700 Non oriented magnetic steel, However, according to statistics compiled by *Korea Steel Daily*, last year’s apparent consumption of rebar (including imports) amounted to only about 7 million tons.
Hyundai Steel further announced that it will simultaneously implement operational adjustments at its other two facilities. Moving forward, the Pohang plant will focus exclusively on rebar production, while specialized rolled steel products destined for the automotive industry will be transferred to the Dangjin plant for manufacturing.
Industry analysts in South Korea point out that Hyundai Steel is preparing for a large-scale structural overhaul of the steel sector. 50A700 Non oriented magnetic steel, Last November, the Ministry of Trade, Industry and Energy released a development plan for the steel industry, explicitly outlining a strategic direction for capacity reduction; within this framework, rebar was identified as a key product category targeted for adjustment.
Furthermore, at the end of last year, Hyundai Steel announced that it would invest 170 billion KRW (approximately US$116 million) by 2032 to secure a supply of high-quality scrap steel and to develop production capabilities for low-carbon raw materials.
