Hyundai Steel said it would close its Incheon stainless steel plant in South Korea at the end of the year and exit this market segment altogether in response to growing competition from Chinese suppliers and declining sales to Hyundai Motor and Kia Corporation. The move came after the company scaled back operations in China due to fast rising competition from local suppliers as well as weak HMG demand. The Incheon plant near Seoul produced 100,000 tonnes of stainless steel last year, or only half of total capacity.