Hyundai Steel, part of the Hyundai-Kia Automotive Group, celebrated the start of commercial operation of its new integrated Steel Works with a grand opening ceremony.
Over 2,500 distinguished guests and employees of the company attended the ceremony, including South Korean President Lee Myung-Bak, Hyundai-Kia Automotive Group Chairman and CEO Chung Mong-Koo and Chairman Roger Agnelli of Brazilian mining company Vale.
The ceremony marks the start of commercial operation of Hyundai Steel?s first blast furnace, which has an annual capacity of 4 million tons. The company aims to complete its second blast furnace by the end of this year to reach a capacity of 8 million tons per year.
?With an investment of 6.23 trillion won (approx. US$5.5 billion), Hyundai Steel is constructing the most advanced, eco-friendly integrated steel works in the world, which is also in line with the government?s green growth policy,? Chairman Chung said at the ceremony.