SeAH Steel of South Korea has announced that it will issue $72 million in corporate bonds through the Financial Supervisory Service’s electronic disclosure system. With the funds raised from this, the company will set up production bases for offshore wind power generation facilities in South Korea and the UK.
SeAH steel will invest the $72 million in a production plant for offshore wind infrastructure. Once the plant is complete, it is expected to produce 72 000 tons of offshore wind infrastructure annually. The company is also building a 160 000 ton production plant in the UK.
The company decided to move into the production of offshore wind power plant because its main business, steel pipes, has been sluggish due to poor domestic demand and stricter export regulations. It anticipates that global demand for offshore wind will increase.