Hyundai Steel Expects Shipbuilding Plate Supply Deals With Japan In 2H

hyundai steelSEOUL (Dow Jones)–Hyundai Steel Co. (004020.SE), South Korea’s second-largest steelmaker by sales, said Thursday that it expects to win orders in the second half of the year to supply thick steel plates to several Japanese shipyards.

Hyundai Steel, which currently has one client in Japan, expects to supply at least a combined 10,000 metric tons of shipbuilding plates to three-four Japanese companies, it said in a statement, without supplying any names.

Hyundai Steel has supplied shipbuilding plates to South Korean companies including Hyundai Heavy Industries (009540.SE), Daewoo Shipbuilding & Marine Engineering (042660.SE) and STX Offshore & Shipbuilding (067250.SE) since April 2010, when it began mass production at its 1.5 million-ton-a-year shipbuilding plate plant in Dangjin.

The company said it plans to raise the plant’s annual output capacity to 3.5 million tons by September 2013 to meet rising demand at home and overseas.

-By Kyong-Ae Choi, Dow Jones Newswires