South Korea's Hyundai to idle Incheon rebar plant

Just days after basking in the glow of global attention from its planned $6.1 billion steel works project in the U.S., back at home South Korea's Hyundai Steel is blaming tough business conditions for its decision to temporarily halt rebar production at its Incheon works, west of Seoul.

"This is not a routine maintenance shutdown, but a production cut due to a deteriorating market condition," the company announced. "We have made the decision to normalize the market, even if we have to suffer immediate losses," Korea's Yonhap newsagency quoted the company as saying. The stoppage will be for