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Hyundai Steel Makes Fresh Start as US$31 Trillion Won Steel Company
Steel Merger
Hyundai Steel Makes Fresh Start as US$31 Trillion Won Steel Company
  • By Jung Min-hee
  • July 1, 2015, 04:15
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Steel plates being manufactured at a Hyundai Steel plant.
Steel plates being manufactured at a Hyundai Steel plant.

 

Hyundai Steel, which has merged with Hyundai Hysco, starts with a clean slate on July 1.

The company said on June 30, “We have pushed ahead with the merger with Hyundai Hysco from May, and have now completed the process. The new integrated company will be launched on July 1.”

As the merger was completed as scheduled, Hyundai Steel has become the world’s ninth largest steel company with assets and sales amounting to 31 trillion won (US$27.78 billion) and 20 trillion won (US$17.91 billion), respectively. The new company will not hold any celebration on the day, but will have a proclamation ceremony for its vision in the middle of July.

Hyundai Steel expects to maximize the synergy of the merger by unifying its existing business to produce hot rolled steel plates from blast furnaces and Hyundai Hysco’s business to manufacture, assemble and sell steel sheets. The company is planning to actively expand its business areas to   lightweight vehicles other than the existing major products including hot and cold rolled steel plates.