Hyundai Steel Temporarily Halts Rebar Plants in Incheon and Pohang

Hyundai Steel to Halt Factory Operations in January
Production of Rebar to Be Cut by 70,000 Tons

As demand for rebar plummets due to the construction industry downturn, major domestic steelmakers are cutting production.

According to the steel industry on the 12th, Hyundai Steel plans to halt operations and completely stop production at its Incheon 2 Rebar Plant from the 13th to the 27th.

Hyundai Steel will also suspend operations at its Pohang Rebar Plant from the 22nd to the 31st.

Through this, Hyundai Steel is expected to reduce production by about 70,000 tons this month.

The Hyundai Steel Incheon Small Plant, which produces steel, has already stopped its production line since the 9th. The Incheon Small Plant will also remain closed until the 27th.

Considering that this year's Lunar New Year holiday starts on the 25th and continues until the 2nd of next month, operations at the Incheon 2 Rebar and Small Plants and the Pohang Rebar Plant are expected to resume only on the 3rd of next month.

Hyundai Steel had reduced production last year by lowering operating rates, but as the construction downturn persisted and rebar prices fell, it is analyzed that the company is responding by cutting factory operations.

Dongkuk Steel, which produces the second largest amount of rebar after Hyundai Steel, will further reduce production this year. Since July last year, Dongkuk Steel has operated its rebar plant only at night, reducing the operating rate to about 65% of the usual level, and from this year, it plans to cut it further to about 50%.

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