SEOUL, Aug. 27 — Dongbu Metal Co., South Korea's largest ferroalloy firm, completed the expansion of an electric arc furnace on Friday, the first stage in its project to expand its three electric arc furnaces.
The metal firm, a unit of Dongbu Group, said earlier it would spend 300 billion won (US$ 251 million) to double its production capacity to 500,000 tons from the current 230,000 tons.
The furnace will start production in November this year, the company said.
Dongbu Group has been seeking to sell the unit, which was spun off last year from semiconductor affiliate Dongbu HiTek Co., to secure liquidity.
Dongbu Group has been in talks with the state-run Korea Development Bank to sell the metal unit, but negotiations have snagged over price differences. (PNA/Yonhap) LOR/ssc