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South Korean steelmaker Hyundai Steel intends to overhaul electric arc furnaces (EAFs) at its Incheon and Dangin plants this year. According to the original plan, Hyundai Steel will shut down a 90-tonne EAF at its Incheon plant from February 25 to June 26, while the other 60-tonne unit will remain in function.
In the second half of 2024, the 155-tonne electric arc furnace at the Danjin plant will be overhauled, with work lasting from September 20 to December 20. According to market participants, Hyundai Steel decided to perform long-term maintenance on the EAF due to the worsening market conditions, especially the reduction in demand from the construction industry.
The market also discusses that the overhaul may affect the rebar production line in Incheon. Hyundai Steel is the second top steel company in South Korea after POSCO. Starting this year, the company plans to reduce steel production in blast furnaces and increase it in EAF. In addition, Hyundai Steel will build a 499 MW LNG power plant to support its efforts to reduce carbon emissions, which is scheduled to be commissioned in 2028.
South Korean steelmaker POSCO has expressed interest in negotiating potential cooperation with Montenegrin state-owned power company Elektroprivreda Crne Gore (EPCG). It concerns the steel branch of Zeljezara Niksic.
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