SeAH Steel Investing in Wind Tower Making Business
Korea Times reported that SeAH Steel is going to open a new era of offshore wind power generation. SeAH Steel announced on March 4 that it will issue
Korea Times reported that SeAH Steel is going to open a new era of offshore wind power generation. SeAH Steel announced on March 4 that it will issue KWR 80 billion won (USD 72 million) in corporate bonds through the Financial Supervisory Service's electronic disclosure system. With the issuance of corporate bonds, the company will set up production bases for offshore wind power generation facilities in Korea and the UK. SeAH Steel is going to invest KWR 80 billion won to build a production plant for offshore wind infrastructure. Once the plant is completed, 72,000 tonnes of offshore wind infrastructure is expected to be produced annually.
The company has decided on a new offshore wind power plant as its new business as its main business, the steel pipe performance, has been sluggish due to poor domestic demand and stricter export regulations. SeAH Steel signed a MoU with the UK government on 19 August 2020 to build a UK-based facility that handles 160,000 tons of monopile production annually.
A monopile is a steel tube that serves as a fixed foundation for an offshore wind turbine. Durability and corrosion-resistance are crucial for monopiles, production of which requires advanced welding techniques.
In 1960, SeAH Group was founded by brothers Lee Woon-hyung (former chairman) and Lee Soon-hyung (current chairman). In 2018, the group transitioned into a holding company by separating into two entities: SeAH Steel Holdings and SeAH Holdings Corp. The before-mentioned Lee Joo-sung, son of the current chairman, currently oversees SeAH Steel; while Lee Tae-sung, son of the former chairman, runs SeAH Holdings.