Dongbu Steel to Relocate Chinese Plant to Dangjin in South Korea
South Korea’s fifth-largest producer KG Dongbu Steel will build a new plant at its home base in South Chungcheong Province after closing its furnace in
China. Under an agreement with South Chungcheong Province, the steel company will invest KWR 155 billion won for three years from 2021 to build a new plant for cold-rolled and plated products in Dangjin.
The agreement followed KG Dongbu Steel's decision to shut down its plant in the coastal Chinese province of Jiangsu. South Chungcheong Province Governor Yang Seung-jo hailed it as the country's largest reshoring since the outbreak of COVID-19 earlier this year. Reshoring is the process of returning the production and manufacturing of goods back to a company's original country.