Korean second largest steelmaker Hyundai Steel said that its production of finished steel flats and longs totaled 3.37 million tons in the first quarter of this year, falling by 15% from a quarter ago. In the first quarter of this year, the company’s total sales dropped by 16% quarter on quarter to 3.4 million tons. Hyundai Steel’s production of steel flat products in the first quarter decreased by 21% quarter on quarter to 479,000 tons, caused by the maintenance in the C section at its Dangjin works.
It’s known that the company started an expansion plan at the C section’s hot strip mill to raise the capacity to 5.5 million tons per year. Meanwhile, the company’s output of steel long products dropped by 7% from a quarter ago to 1.61 million tons, due to weak demand from the country’s construction industry and low-priced imports from China.