ULSAN < invest Korea

According to Yonhap,

Ulsan-si announced that it had a ground-breaking ceremony for a recycling center in Ulsan-Mipo Industrial Complex on Nov. 7. 

Ulsan Aluminum is a joint venture between Novelis, a global leader in aluminum rolled products in the US, and Kobe Steel, Japan's one of the big three steel companies.

The Novelis invested a total of USD 53 million into establishing the recycling center which the size of the area amounts to 11,500 ㎡.

The building of the center is expected to be completed and to start operating by the end of 2024.

The center is designed for manufacturing 100,000 tons of aluminum products annually and they will be distributed to domestic and overseas markets via Novelis' supply chain.

And the center will recycle aluminum to produce, which will decrease energy use and natural source mining, leading to an annual 420,000 tons of carbon reduction.

Jerry Quick, President & CEO of of Ulsan Aluminum, said "given that demand for low-carbon aluminum is on the rise in the global market and hence setting up the recycling center will form a sustainable supply system of aluminum."

"We anticipate the project will add new fuel to the bleak local economic situation due to global economic instability," Ulsan Mayor Kim Doo-gyeom said.




canto@yna.co.kr

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Source: Yonhap News (Nov. 7, 2022)