Gwangyang Free Economic Zone Authority Signs 28.8 Billion Won Investment Agreement with Seah Steel

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Koo Chungkon, hereafter Gwangyang FEZ) announced on the 13th that it had signed an investment agreement worth 28.8 billion KRW with SeAH Steel Corporation on the 10th, marking its first investment attraction activity of 2025.

This agreement includes the establishment of a production base for manufacturing offshore wind tower structures in Yulchon Industrial Complex 1.

Exterior view of the Gwangyang Bay Area Free Economic Zone Authority building.

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SeAH Steel Corporation, a comprehensive steel pipe manufacturer, acquired all assets of CL Energy Steel Suncheon Branch near the Suncheon OF (Offshore Foundation) plant in Yulchon Industrial Complex 1 in May last year to strengthen its competitiveness in the offshore wind substructure market.

By utilizing the physical proximity to the existing Suncheon OF plant, the company plans to maximize synergy effects and significantly enhance the production capacity of offshore wind substructures through new facility investments and improvements to the plant layout.

The investment, in collaboration with SeAH Wind in the UK?a specialized subsidiary within the SeAH Steel Group for offshore wind substructure monopiles?is expected to provide total solutions to the global offshore wind substructure market.

Furthermore, it is anticipated that the company will further strengthen its technological capabilities and competitiveness in the domestic offshore wind market.

Koo Chungkon, Commissioner of Gwangyang FEZ, stated, "This investment will serve as an important milestone for Yulchon Industrial Complex 1 to establish itself as a production base for offshore wind tower structures and is expected to greatly contribute to job creation and revitalization of the local economy. We will actively support SeAH Steel's successful investment."

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