South Korean companies stepping up investment in non-ferrous metal industry

South Korea is increasing investment in the non-ferrous metal industry due to improving demands and major companies are stepping up to increase capacities, reported a national media.

As companies are increasing capacities in zinc, lead, copper as well as silver and gold, aluminium is also gaining importance.

A leading aluminium billet producer in the country, Standard Firm Co. Ltd, is planning an expansion and is expected to complete its No.2 Branch this month.

At present the plant located in Gangwon Munmak industrial park has two 100-ton furnaces, three 60-ton furnaces and three 50-ton furnaces. After completion of the proposed expansion, the annual capacity will come up to a total of 304,000 tons. The company plans to export the finished goods from the new plant to overseas markets like Israel, USA and Pakistan.

Standard has also signed a letter of intent for supply procurement with an Indian firm named Lakshmi Metal Exchange with an agreement to supply aluminium billets worth 10 billion won annually. Similar contracts are being discussed with Israel and Pakistan.

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