Mr. Sae-joo Chang, chairman and CEO of Dongkuk Steel, announced on Wednesday the firm plans to establish an integrated steel plant in Brazil and expand global production capacity to 10 million tonnes per year until 2015. Mr. Chang attended an opening ceremony of Dangjin plate plant on Wednesday and explained the firm’s domestic output capacity now totals 7.5 million tonnes of steel products per year. The firm plans to send slabs from Brazil’s new plant to Dangjin plate plant and accelerates product mix shifts to high grade plates.
Mr. Chang said the firm tries to build a global integrated steel production system by establishment of blast furnace steel plant in Brazil. A new plate mill started in Dangjin with output capacity of 1.5 million tonnes per year and requires stable slab supply. Mr. Chang expressed the project will launch formally within this month. Dongkuk Steel expects for major steel makers’ participation in the project, he indicated. JFE Steel and POSCO seem mulling to participate in the project. Dongkuk Steel established a joint company to construct an integrated steel plant in Brazil with Vale in April 2008. The JV started land-clearing activities in late 2009. Dongkuk finished feasibility study for the project at the end of April 2010 and started deliberation of steel making equipment. Dongkuk expanded domestic output capacity to 7.5 million tonnes of steel products per year including plate, rebar and shaped steel. The firm plans to increase rebar rolling capacity by 1 million tonnes to 8.5 million tonnes until 2012 in Inchon works.Japan Steel Scrap Composite Prices (Sangyo Press)
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