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Bulletin: Rating On Korea's Hyundai Steel Unaffected By Planned Capital Investment On The Third Blast Furnace
Standard & Poors, March 2011
Abstract
HONG KONG (Standard & Poor's) March 22, 2011--Standard & Poor's Ratings Services said today that its long-term corporate credit rating on Korea-based Hyundai Steel Co. (HSC; BBB-/Stable/--) is not affected by the company's planned capital investment to build its third blast furnace. On March 18, 2011, HSC announced it would invest Korean won (KRW) 3.3 trillion over 2011-2013 to build the furnace. We expect the investment to increase the company's annual crude steel production capacity by 4 million tons to 23 million tons by 2014, from 19 million tons currently. We also expect most of the added capacity to produce flat steel products such as hot rolled coils and heavy plates mainly used in the automobile and shipbuilding industries. Standard
Article Type:NEWS,BULLETIN
Companies mentioned in this report are: Hyundai Steel Co.,Hyundai Motor Co.
Action: Bulletin
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