Hyundai Steel cuts prices

SEOUL, May 29 (Yonhap) -- Hyundai Steel Co., South Korea's second-largest
steelmaker, said Friday that it would cut prices for its steel products next
month in line with weak demand and the falling cost of raw materials such as
steel scrap.

The price of hot-rolled steel will be cut to 780,000 won (US$620) per ton from
the current 880,000 won starting June 1. Also, the price of hot-rolled stainless
steel will be slashed to 29.4 million won from the current 3.55 million won, the
company said.
Its domestic rival POSCO also cut prices for all steel products by up to 20
percent early this month to reflect falls in the cost of raw materials.
sam@yna.co.kr
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