Hyundai Steel to scale back from stainless steel business


The company will transfer the Incheon factory employees to other plants after shutting down the plant at the end of 2023

Due to declining demand from top customers such as Hyundai and Kia, along with a flood of Chinese-made products, Hyundai Steel Co. has decided to close its stainless steel-making plant in Incheon, South Korea, a report in The Korea Economic Daily said on September 20. 

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