Hyundai Steel Co. does not have a plan for any further output cut, despite weak steel demand due to the coronavirus pandemic, its chief said Friday.

Earlier this year, South Korea’s second largest steelmaker revised its annual production of hot-rolled coils from its electric arc furnace to 700,000 tons from the previous 1 million tons.

Hyundai Steel has three blast furnaces and an electric arc furnace, also known as a mini-mill, at its steel mill in Dangjin, about 120 kilometers south of Seoul.

Hyundai Steel Co.’s steelmaking factory in Dangjin, about 120 kilometers south of Seoul (Yonhap)

hide caption
On Friday, Hyundai Steel chief executive Ahn Tong-il told reporters that the company won’t stop operating a blast furnace to reduce output.

He said he expects a turnaround after the third quarter of this year.

For the three months that ended March 31, Hyundai Steel posted a net loss of 88.6 billion won (US$72 million), shifting from a net profit of 94.4 trillion won a year earlier.