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Reuters: Hyundai Steel Fires Up 3rd Blast Furnace Amid Fears of Oversupply

09/13/2013 - South Korea's Hyundai Steel fired up its third blast furnace on Friday as it seeks to grasp market share from POSCO and Japan in the alloy used to make cars and ships, sparking fears about over-supply amid weak demand, Reuters reports.

Hyundai Steel started its first blast furnace in 2010, breaking POSCO's dominance and offering stable supplies to affiliates - Hyundai Motor and Kia Motors, which together rank fifth in global auto sales.
Hyundai Steel, part of the Hyundai Motor Group owned by chairman Chung Mong-koo, said the new blast furnace had boosted its annual production capacity by 4 million tonnes to 12 million tonnes.
Including electric arc furnaces with a capacity of 12 million tonnes, Hyundai Steel has a total capacity of 24 million tonnes, making it the world's 11th largest steelmaker, up from 31st in 2006.
But the latest, $3.4 billion facility also rekindles concern about oversupply…