On May 15, the CEO of Hyundai Steel said the company had no plans to cut production further despite the weak demand caused by the outbreak. It is expected to improve after the third quarter of this year.

At the beginning of this year, Hyundai Steel, South Korea's second-largest steelmaker, adjusted its annual production of hot-rolled coils produced by electric arc furnaces from the previous 1 million tons to 700000 tons.

Located about 120 kilometers south of Seoul, modern steel's Dangjin plant has three blast furnaces and an electric arc furnace.

In the first quarter of this year, Hyundai Steel reported a net loss of 88.6 billion won (about 72 million US dollars), compared with a net profit last year ninety-four point four trillions