South Korean steel producer Fine Besteel announced on April 5, 2024, that it would temporarily suspend production at its Changnyeong plant. Production will be halted for approximately 20 days, from April 8 to April 28, due to maintenance at the facility.
The plant being shut down is involved in the production of profile steel for shipbuilding and general profile steel products. Last year, this facility accounted for 98.13% of Fine Besteel's sales, totaling around 95 million dollars.
Fine Besteel stated that the decision to halt production was made to "protect the facilities and enhance production efficiency." The company also mentioned that it would continue its normal business activities using previously stocked products.
In addition, Fine Besteel appointed In-ho Jeong as the new CEO on March 29. The new CEO's role is defined as encouraging new businesses and improving management efficiency. The former CEO, Park Jeong-mook, took responsibility for the recent poor performance and stepped down from his position.
The temporary suspension of production at Fine Besteel's Changnyeong plant could have an impact on the steel market. Particularly, there are expectations of supply shortages and price increases in profile steel for shipbuilding and general profile steel products.
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