DAEGU < invest Korea

(DAEGU = Newsis) Foreign mold tool steel manufacturer and supplier ASSAB Steels Korea will settle in the Daegu Technopolis (Daegu Techno).

The company will relocate its plants of Incheon, Busan and Daegu to the Daegu Tech in a bid to develop its processing plant a mecca of mold tool steel industry, according to an announcement of the Daegu Gyeongbuk Free Economic Zone Authority (DGFEZ) last week.

Relevant investment agreement was concluded on 13th between President of ASSAB Pacific Pte. Ltd (ASSAB Pacific) Thomas G. Habeler, Managing director of ASSAB Steels Korea Yang Il-suk, Mayor of Daegu Kim Bum-il and DGFEZ Commissioner Choi Byung-rok.

ASSAB Pacific is an Asia-Pacific region sales subsidiary of the special steel divison of Voestalpine Group. ASSAB Pacific owns the complete ownership of ASSAB Steels Korea.

. Voestalpine Group is Austria’s global leading steel enterprise. The company owns new iron making processes and it provided the technology to Korean businesses.

“We concentrate our plants in Daegu Techno and strengthen our competitiveness by invest in higher value-added manufacturing processes including surface process,” said the Managing director of ASSAB Steels Korea Yang Il-suk.

“More additional investments, which will follow the foreign investment of USD 5 million, and the relocation of KRW 5 billion worth of equipment of existing plants will have a big impact on the local economy.” Yang added.

“The DGFEZ reached its target to induce USD 130 million foreign investments by attracting ASSAB Steel Korea. The advanced technology of ASSAB Steel Korea is also expected to make a huge contribution to the development of mold tool steel industry in Daegu,” said the DGFEZ Commissioner Choi.

Daegu is committed to develop and nurture the mold steel process, heat treatment and surface treatment technologies.

nhy@newsis.com

Source Text

Source: Newsis (Dec. 12, 2013)

** This article was translated from the Korean.