South-Korean steelmaker Hyundai Steel suspended operations at its electric arc unit in Dangjin on the back of weak demand, according to media reports. The unit is a fully integrated plant that uses both blast and electric arc furnaces to produce steel. The orders for June have declined to almost zero, as reported earlier.
Prior to this, the steelmaker had curtailed production and only a few lines were functional. Hyundai Steel is likely to shutter operations further to minimise cost.
Hyundai’s Danjin unit has the best in class electric arc furnace technology which manufactures molten iron with scrap metals. The unit’s electric arc-based annual production capacity is 12mn mt of molten steel.