(MENAFN) Steelmaker Hyundai Hysco Co., affiliated with Hyundai Motor Group, said that it will invest USD91.3 million to build a plant that will produce high-strength auto steel sheets, Yonhap News reported.
The plant to be located in Yesan, 134 kilometers south of Seoul, will produce steel sheets by using hot-stamping, a technique that applies special pressing and cooling simultaneously, making them stronger.
The technique helps reduce the amount of materials needed to make high-strength steel sheets for vehicles, which eventually helps cut costs and lightens the overall weight of car bodies.
When the two factories are completed, Hyundai Hysco said that it will be able to produce a total of 35.8 million sheets of hot-stamping steel per year, up from the current 21.4 million.
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