Hyundai Steel Co, one of the biggest steel makers in South Korea, decided to invest about US$5.24 million to build one new mill. This construction is planed to be finished in year 2011.

The estimated output of this new mill is expected at about 8 million tons yearly and this contributes Hyundai to become the third largest steel producer in South Korea and the sixth in the world.

In 2011, it is predicted that the supply in South Korea will increase rapidly and also will affect the global market price accordingly.