Hyundai Steel, the second-largest steelmaker in South Korea, will suspend all rebar production at its Incheon plant for one month from April 1. This is the first complete halt in the plant's history.

The decision, driven by worsening market conditions and oversupply, aims to stabilize the rebar market and address accumulated deficits. The company stated this is not simple routine maintenance but a necessary production cut to balance supply and demand, even at the cost of immediate losses.

Domestic demand for rebar has significantly dropped due to a sluggish construction industry, with low-price competition and price declines continuing.