South Korea-based Hyundai Steel plans to set up an integrated steel plant in Kadapa district, Andhra Pradesh (AP) according to the Indian media. The steel project will be established under a public-private partnership involving AP Mineral Development Corporation and AP High Grade Steels, with an investment of Rs15,000 crore.
The company plans to install the facility with a 3mn mt annual production capacity, to be further ramped up to 10mn mt in phases.
The location of the proposed greenfield steel plant is close to the Krishnapatnam port.
Hyundai Steel proposes to import high quality iron ore from Australia and Indonesia through Krishnapatnam for the Kadapa steel plant.
The company intends to produce flat steel products, consumed in automotive industry, catering to demand in the Tamil Nadu, Karnataka, Kerala and Telangana states of India.