Hyundai Motor Group plans to invest 11 trillion won (US$11.05bn) this year, up 7% from 2007, chairman Chung Mong-koo said on Monday.

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“The combined amount will be used partly to build a steel mill in Tangjin, south of Seoul, and will also be invested in the automobile industry,” a statement cited by Reuters quoted Chung as saying in a meeting with group companies, presided by South Korean president Lee Myung-bak.


Two trillion won will be allocated for construction of the steel mill, up 300bn won from what had originally been planned for the project this year. The mill is due to be completed by 2011 with a combined investment of 5.84 trillion won, Reuters said.

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