Market Brief

South Korean Government to Suspend Blast Furnace Operations, an Industrial Info Market Brief

South Korea's local governments are simultaneously ordering blast furnace operations to halt operations due to environmental concerns. The North Gyeongsang provincial government has ordered steel companies POSCO and Hyundai Steel to stop their blast furnaces in Pohang amid reports of blast furnaces being operated without adequate anti-pollution equipment. South Jeolla's provincial government ordered POSCO's steel mill in Gwangyang to stop, and South Chungcheong Province has requested Hyundai Steel's plant in Dangjin to stop operations due to environmental concerns. POSCO and Hyundai Steel claimed that it is inevitable to release gas and vapors during the iron-making process through bleeder valves to avoid accidental fires or explosions. Both steelmakers are currently appealing the administrative measures to their local governments.