SW Steeltec, First Investment in Dongchungju Industrial Complex... "Establishing New Product Manufacturing Base"

[Asia Economy Reporter Yoo Hyun-seok] SY Steeltec, a subsidiary of comprehensive building materials company SY, announced on the 22nd that it will establish a new production base for new products such as insulated decks and slim brick rails through the expansion of a new factory.

SY Steeltec signed the first investment agreement for the Dongchungju Industrial Complex at an investment attraction briefing held in Chungbuk the day before, attended by Lee Si-jong, Governor of Chungbuk Province, Kim Ki-moon, Chairman of the Korea Federation of SMEs, Hyun Jeong-eun, Chairwoman of Hyundai Group, and other officials and businesspeople. The new factory will be built on a 15,000-pyeong site and will produce 1.3 million square meters of high-performance deck plates such as insulated decks, slim brick rails which are insert-type decorative bricks, and deck boards, a non-disassembly type formwork. The goal is to complete the industrial complex and the factory by the end of 2021.

Deck plates are metal materials used as substitutes for plywood formwork in building floors. Unlike conventional methods, they allow omission of rebar placement and formwork installation and removal on site, reducing labor costs and shortening construction periods.

An SY Steeltec official stated, “Currently, the sections where deck construction methods are applied account for about 20% of the entire construction market (around 500 billion KRW), but it is a steadily expanding market with fierce competition among companies. To expand the market and secure profitability, developing new items and expanding production are essential.”

SY Steeltec started with sales of 4.2 billion KRW in 2015 with a single product, deck plates, and recorded sales exceeding 60 billion KRW in 2018, growing more than 15 times in four years. Upon completion of the new factory expansion, the company aims to diversify its portfolio with high-performance products such as insulated deck plates and new technology products like slim brick rails and deck boards to achieve sales of 100 billion KRW.

Meanwhile, Cho Gil-hyung, Mayor of Chungju City, who attended the investment agreement ceremony, said, “The Dongchungju Industrial Complex will be strategically developed by the city as a representative industrial complex in the central region by utilizing its key transportation location in the central inland area. We will spare no effort to provide the best support so that the region and companies can grow together, starting with SY Steeltec, which decided on the first investment.”

This content was produced with the assistance of AI translation services.