Hyundai Steel to boost capital spending to 2.36 tln won

SEOUL, July 22 (Yonhap) -- Hyundai Steel Co., South Korea's second-largest
steelmaker, said Wednesday that it plans to increase capital expenditure for this
year to 2.36 trillion won (US$1.89 billion) as part of efforts to help create
more jobs amid an economic slump.
Earlier this year, the steelmaker said it would spend around 2.13 trillion won in
building a new steel mill in the southwestern city of Dangjin. It is planning to
spend a total of 5.84 trillion won by 2011 for the project that started in 2007.
The company said it expects sales to reach 7.79 trillion won this year and
produce around 9.42 million tons of crude steel.
Shares of Hyundai Steel were trading at 60,500 won on the Seoul bourse as of 2:36
p.m., up 0.17 percent.
sam@yna.co.kr
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