Dongkuk still evaluating plate mill shutdown
Dongkuk Steel, South Korea’s third-largest steelmaker, will continue to considering whether to shut down one of its two plate mills.
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A decision will be announced within the next three months, the company said in a short filing with the Korea Exchange (KRX) late on Thursday June 4.
Early last month, Dongkuk revealed that it was mulling a possible idling of its No2 plate mill and that it would make an update announcement on the matter on June 4.
The announcement came amid falling plate shipments by the company on an oversupplied market and weak demand from the shipbuilding industry.
The No2 plate mill is at Dongkuk’s Pohang works in South Korea’s south-eastern region. Commissioned in 1997, the facility can produce as much as 1.9 million tpy of plates.
The other plate mill came on stream in 2010 in Dangjin city, in South Korea’s western South Chungcheong province, with installed capacity of 1.5 million tpy.