ASSAB Korea to move into Daegu Technopolis

On December 13th ASSAB Steels (Korea) Co. Ltd., a global tool steel company, based out of Sweden, announced that it has signed an MOU to begin construction in Daegu Technopolis in March 2014.

Mr. Yang Il-Suk, Managing Director of ASSAB Steels (Korea) Co. Ltd., said “ASSAB Steels Korea aims to improve competitiveness by consolidating its plants into one location. Daegu Technopolis has various location benefits and will allow ASSAB to deliver top notch products to valued customers including Samsung Electronics and LG.”  He also commented “By adding high value-added processes like surface treatment along with existing processes such as machining, cutting, and heat treatment we can have a profound positive effect on the local economy. ASSAB Korea is likely to increase its current investment of $5 million, and that facilities and equipment investment worth KRW 5 billion is expected.”

Choi Byung-Rok, Commissioner of DGFEZ said “with the investment of ASSAB Korea, DGFEZ has reached USD 130 million in Foreign Direct Investment (FDI) in 2013 ASSAB Korea’s technology can contribute significantly to the Daegu  regional specialized root industries by improving technologies in the areas of mold processing, heat treatment and surface treatment.”

ASSAB Pacific Pte. Ltd., covers special steel sales division in Asian-Pacific region holding 100% stake in ASSAB Steels (Korea) Co. Ltd. and it is a subsidiary of Voestalpine Group, an international steel company based in Linz, Austria, which owns up-to-date construction methods and has provided them to companies in Korea.

Source : DGFEZ Investment Strategy Team