Hyundai Steel, an affiliate of Hyundai Motor Group, has announced plans to build a special steel production factory inside its Dangjin steel mill in South Chungcheong.

The aim is to complete the factory by 2015 and produce 1Mt of steel during the plant's first year of operation.

Special steels produced at the plant will be used by the Hyundai Motor Group's Hyundai Motor and Kia Motors companies.

Another benefit of the new plant will be to reduce Korea's dependence upon imported special steels. In 2013, Korea imported almost 2Mt of special steel, a rise of 7.1% over 2012.

Source: Korea Joongang Daily.