South Korean Hyundai Steel Smelting Company started construction of its third blast furnace worth 3.26 billion won ($ 3 billion). On it informs Bloomberg. The power of this blast furnace will be about 4 million tons of steel per year. Construction of the unit is scheduled for completion by September 2013. Earlier, Hyundai Steel has started production on its second blast furnace. Power unit is estimated at 4 million tons. In general, the performance of the company after the launch of the furnace to reach 20 million tons of steel per year. It also assumes that the furnace will run Hyundai Steel to cut costs in production. First it was reported that Hyundai Steel in the III quarter of 2010 compared to II quarter increased net profit by 55.1% to 260.8 billion won (233.1 million dollars). Nevertheless, as compared to III quarter 2009 profit Hyundai Steel is still decreased by 54.4%. In turn, the income of the holding in a given period amounted to 2.59 trillion won (2.32 billion dollars), up 4.8% over the previous quarter. Annualised earnings Hyundai Steel rose 26.4%. Hyundai Steel is Korea's largest manufacturer of electrical steel. Ministry of Industry
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