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Dongkuk Steel begins operation of Brazil plant

All News 10:42 June 11, 2016

SEOUL, June 11 (Yonhap) -- Dongkuk Steel Mill Co. said Saturday it has begun the operation of a new plant in Brazil, marking the third time for a South Korean steelmaker to own a blast furnace.

The steelmaker said it has kicked off the operation of the plant located in the Brazilian state of Ceara.

The South Korean player owns a 30 percent stake in the plant, while its counterpart Vale SA, the world's largest iron ore producer, holds 50 percent. The remaining 20 percent is held by POSCO, South Korea's No. 1 steelmaker.

Dongkuk Steel said it will secure 1.6 million tons of steel slab produced from the plant, import 600,000 tons to South Korea for domestic use, and export the remaining volume.

Industry watchers said the company will seek full-fledged growth on the back of the blast furnace.

colin@yna.co.kr
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