Hyundai Steel, one of South Korea's largest integrated steelmakers, announced that production at its Incheon plant will be suspended for the month of April due to sluggish market demand and in order to balance production and demand.
By shutting down two electric arc furnaces (EAF) at the Incheon plant, Hyundai Steel will shut down production for the first time since the plant's opening.
Last month, South Korea also announced that it would cut executive salaries by 20% and review its voluntary retirement program for its employees in order to cut costs against the growing challenges of the steel industry.
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