Reportedly, South Korea’s Hyundai Steel recently said that the company would invest around US$2.7 billion to build the third blast furnace with the annual capacity of 4 million tons.

Besides, the company estimated to start the construction in the second quarter of this year and run the operation by 2013.

Meanwhile, Hyundai Steel owns two blast furnaces with annual production of 4 million tons respectively.

Moreover, the company expects to have 24 million tons of crude steel production annually after the commission of the third blast furnace.