Hyundai Steel will spend to up sales

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Hyundai Steel will spend to up sales

Hyundai Steel Co., Korea’s No. 2 steelmaker, said yesterday that it plans to spend 86 billion won ($93 million) to increase production capacity as demand for ingots and other steel products increases.
The steelmaker said the planned spending will increase its annual production capacity to 11.7 million metric tons from the current 10.5 million tons, with annual sales expected to gain 260 billion won.
Its production of steel shapes used for shipbuilding will increase 37 percent, or 130,000 tons, to 480,000 tons in the second half of 2008.
Also, its production of steel ingots will be hiked to 420,000 tons from the current 220,000 tons next year, Hyundai Steel said. Shipbuilders’ demand for steel shapes is expected to increase to 900,000 tons in 2010 from the current 680,000 tons, it said. Yonhap
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