South Korea's Hyundai Steel Co announced its plans to invest KRW 844.2 billion towards construction of a new plant in the western coastal area of the country. The plant will deal in production of next-generation special steel. Completion of the facility is expected by October 2015.

A division of Hyundai Motor Group, Hyundai Steel, will be responsible for the construction of the new plant in Dangjin, nearly 123 kilometers southwest of Seoul.