이 누리집은 대한민국 공식 전자정부 누리집입니다.

한상넷

비즈니스 정보

Biz News Korea(Eng)

S. Korea’s Dongkuk Steel Mill aims to fire up CSP mill in Brazil in May

Collected: 2016.03.26

Distributed: 2016.03.28

Source: Go Direct

South Korea’s Dongkuk Steel Mill Co. plans to start operations of Companhia Siderurgica do Pecem (CSP) steel mill, a joint venture set up among Dongkuk Steel, Korea’s leading steel maker Posco and Brazil-based mining company Vale in Brazil, in May this year, the steelmaker’s vice chairman said on Friday.

Dongkuk Steel Vice Chairman Chang Sae-wook said Friday after the company’s shareholders’ meeting that the Korean steel producer is “considering firing up the blast furnace (at CSP steel mill) early May” despite the prolonged slowdown in the global steel industry.

The CSP mill whose construction kicked off in July 2012 is a mammoth project with a total of $5.5 billion invested in. Brazil-based Vale, the largest iron ore mining company in the world, and Posco, the largest steel maker in Korea, participated in the project with a 50 percent and a 20 percent stake, each, and Dongkuk Steel holds 30 percent shares of CSP with an annual production capacity of 3 million tons.

“We have made big progress in restructuring (as a part of self-rescue measures) after selling Ferrum Tower (Dongkuk’s headquarters) in Seoul (at 420.0 billion won, which is $359.4 million) and securities (at 101.7 billion won) last year, and I am confident we should be out of liquidity crunch when we pay off corporate bond next year,” assured Vice Chairman Chang. The company’s debt ratio dropped to 153.6 percent and the interest coverage ratio (ICR) also marked 1.05 last year, recovering above 1.0 level in three years, added Chang.

By Park Yong-beom

Read in Korean

List

Previous: S. Korea environment ministry turns back Audi Volkswagen recall plan

Next: S. Korea’s per capita GDP shrinks in 2015 to $27,214