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Hyundai Steel putting safety first |
| WRITER |
administrator |
DATE |
2011-05-19 17:39:17 |
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Hyundai Steel, a leading Korean steelmaker, is joining hands with local builders in order to strengthen the country’s efforts to construct earthquake-safe infrastructure in the aftermath of the recent Japanese disaster.
The Seoul-based company held a conference recently with regard to making a contribution to the construction of earthquake-tolerant buildings, which have attracted considerable attention among contractors and specialists.
``This seminar was an important occasion for the domestic industry in beefing up their efforts to make buildings less vulnerable to earthquakes,’’ Hyundai Steel Senior Executive Vice President Song Yoon-soon said.
``Hyundai Steel is determined to contribute to the effort by developing steel products, which would not be susceptible to quakes. This is an increasingly potent issue,’' he added.
Up until now, the consensus has been that Korea is relatively safe from earthquakes compared to Japan, which suffered one of history’s biggest earthquakes in March. This in turn caused problems for some of its nuclear reactors.
Participants of the Hyundai Steel event said, however, Asia’s No. 4 economy could be in for unprecedentedly strong earthquakes. They are recommending the country be prepared.
``We have established a common understanding among both contractors and steelmakers regarding the importance of quake-tolerant infrastructure. The country must pay greater attention to the issue,’’ Song said.
In the meantime, Hyundai Steel announced its first-quarter performances, which proved to be better than expected.
The outfit chalked up 3.55 trillion won in sales over the first quarter, up 75.8 percent from the corresponding period of last year. Its bottom line was 258 billion won, up 9.6 percent from a year earlier.
``Both of our top and bottom lines improved in terms of productivity this year as the blast furnaces went into operation last year. The trend is expected to continue in the future,’’ another Hyundai Steel official said.
Hyundai Steel completed a pair of blast furnaces last year for an annual volume of 8 million tons. The outfit started to build its third blast furnace this month that will jack up its capacity to 12 million tons by 2013.
When completed, Hyundai’s annual capacity will total 24 million tons including the firm’s conventional business of electric arc furnaces.
An electric arc furnace is a furnace that melts scrap metal with an electric arc to come up with second-tier steel products while a blast furnace is one that makes high-grade steel products from iron ore.
Cited: The Korea Times by Kim Tae-gyu / voc200@koreatimes.co.kr |
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