Hyundai Steel closed down the No. 2 steel plant

According to Korea JoongAng Daily, the English edition of South Korea's JoongAng Daily,

Hyundai Steel, South Korea's second-largest steelmaker, announced that it had temporarily closed its No. 2 steel plant in Pohang on June 7 due to a prolonged industry downturn.

A spokesman for the company said the future decision on shutting down the steel mill would be made in consultation with the union.
 
According to the report, Hyundai Steel announced plans to shut down the plant in November last year, but it was withdrawn due to strong opposition from the union; However, due to continued weak global demand and sluggish domestic market conditions in South Korea, the company recently decided to shut down the plant entirely.

Hyundai Steel's steel mill in Pohang The company has faced a tough business environment this year, including steel tariffs imposed by the United States. In the first half of this year, Hyundai Steel began implementing a voluntary retirement plan for employees and scaled down operations in response to the crisis. Hyundai Steel is also reportedly pushing for the sale of the heavy machinery division at the Pohang 1 plant to streamline underperforming business units.