INI Steel Co., one of the largest electric arc furnace companies in the world, announced plans to build a blast furnace near its steel mill in Seoul, Korea. INI is owned by Hyundai Motor and Kia Motor Corp.
According to published reports when complete the furnace will have a capacity of around 7 million tons. The project is expected to begin construction in 2007 with completion by 2020.
The steel produced at the new furnace will feed Hyundai Motor and Kia Motors.
The company acquired Hanbo Iron & Steel, Seoul, out of bankruptcy last year.