A report in the Korea Herald suggests that Hyundai Steel is not planning to build another furnace at its Dangjin steel mill, having previously reported that the steelmaker was considering another furnace to be put into action within two to three years.

The paper is now reporting that the original report was groundless, based on comments from Hyundai’s public relations department. The story now is that a problematic furnace at the plant will be fully operational again by the end of the month.

The Dangjin Steel Mill operates three furnaces with a combined capacity of 1.2Mt. One of the furnaces has experienced temperature maintenance problems since last month. The furnace in question became operational in January 2010.

• Hyundai Steel Co is expected to post a ‘significant jump in operating profits’ for Q2 2016 with an operating profit of 406 won, up 51%, according to HMC Investment Securities projected on 16 June.

Source: The Korea Herald.