Steelmakers moving to rev up output on rising demand
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Update time : 2021-02-24 19:39:09
South Korean steelmakers are rushing to ramp up capacity utilization in an effort to meet rising demand at home and abroad, industry sources said Wednesday.
The move comes amid stabilizing international steel prices due to a drop in China's steel exports, and expectations for an increase in domestic demand for steel used in construction.
According to the sources, leading steelmaker Posco has decided to postpone repair work on a cold-rolled steel plant in Gwangyang on the south coast, originally scheduled for March 8-13, until April to meet growing demand.
Cold-rolled steel products are used in cars, electronics products and making steel pipes.
No. 2 industry player Hyundai Steel Co. has also advanced its repair schedule, completing repair work at the end of the year.
A Hyundai Steel official said the company is normally operating its plants by adjusting its repair schedule and expanding its supply of steel products.
In the wake of rising demand and raw material prices, local steelmakers are marking up their product prices.
