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| • Assures Hyundai-Kia Automotive Group of stable supply of highest quality steel |
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(Seoul, Korea) Hyundai Steel Co., a unit of the Hyundai-Kia Automotive Group, broke ground today for its first integrated steel mill inside the Tangjin steel complex, 100km south of Seoul, on the Korean peninsula's west coast.
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| When completed in 2011, the state-of-the-art facility will be equipped with new blast furnaces capable of producing up to seven million tons of hot-rolled steel sheet and steel plate per year. Expansion plans call for new capacity to grow to 12 million tons by 2015, raising Hyundai Steel´s total production capacity to 22.5 million tons. This would make Hyundai Steel the world´s sixth-largest steel maker in 2015. |
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| A total investment of 7.5 trillion won (approximately $8 billion) will be required for the project, with the first phase accounting for 5.24 trillion won. |
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"This mill will ensure a stable supply of high quality steel and our competitiveness in the decades to come," said Hyundai-Kia Chairman and CEO Chung Mong-Koo.
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Hyundai Steel will source its iron ore and coal from Brazil and Australia.
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