South Korean steel producer Hyundai Steel announced that it will stop operations at its stainless steel factory by the end of this month.
The company had been producing stainless steel since 1990. Recently, annual production has remained below 100,000 tons.
It is known that Hyundai Steel made this decision due to the decrease in sales at Hyundai Motor and Kia Corporation. After closing the Incheon plant, the company will transfer its employees to other factories.