South Korean steel maker Hyundai Steel is considering exporting semi-finished products as strikes by workers at its factories in Dangjin and Pohang continue.
Local industry reports show that Hyundai Steel is pushing ahead with a plan to export semi-finished products such as boards produced at the Dangjin plant to overseas markets. This is mainly due to the fact that the production of hot-rolled steel products in Dangjin is difficult due to strikes.
Dangjin's products are mainly used in the automotive and shipbuilding industries. The export of semi-finished products means that the supply of domestic steel to the local industry will decrease.
The Hyundai Steel plant in Pohang has faced the same predicament, which has hampered the production of finished steel. Thus, Hyundai Steel's profit is expected to worsen in the fourth quarter.
How long the strike will last is unknown, the insider says. The strike was originally started by the union at the end of September and then spread to the HR line on 5 October.
Strike continues at Hyundai Steel plants
There are no comments yet.