It’s reported that the Korean steel long product makers planned to carry out the maintenances in the first quarter of this year due to sluggish demand from construction sectors in winter, government’s rules for electricity limitation and high electricity prices.
Most of the Korean steel mills planned to cut production by 10%.
It’s learned that the Korea Electric Power Corporation announced to raise the electricity charges by 4.4%, effective from January 14th.
At the same time, the steel mills’ electricity consumption is expected to be reduced by 10% during January 7th through February 22nd, in response to the government’s rule of electricity limitation in winter.