S.Korea's steel stocks gain after news India seeks investment in high-grade auto steel

Dongkuk Holdings Co

01/08/2018 02:19

** South Korea's steel stocks gain after news that India has
requested Japanese and South Korean steel makers to step up
investments by building new plants in the south Asian country to
produce high-grade automotive steel  urn:newsml:reuters.com:*:nL4N1UR2VZ
    ** India will encourage Japanese and South Korean companies
to start greenfield projects in the country - Steel Secretary
Aruna Sharma told Reuters
    ** India mainly imports the high-tensile steel from Japan
and South Korea. However, demand for the auto-grade metal is
rising in India as companies such as Hyundai Motor Co
 005380.KS  ramp up production to make the country a
manufacturing and export hub for small cars
    ** Posco  005490.KS  climbs as much as 3.5 pct, while
Hyundai Steel Co  004020.KS  and Dongkuk steel Mill Co Ltd
 001230.KS  jump 2.4 pct and 4.1 pct, respectively
    ** Sub-index for iron, steel & metal  .KS34  rises 1.5 pct
    ** Broader stock market  .KS11  up 0.6 pct

 ((joori.roh@thomsonreuters.com;))