Hyundai HYSCO
Hyundai HYSCO is reorganizing its business structure to get to 8.6 trillion won (US$8.1 billion) in sales by 2020. This is to continue its long-term growth by sharpening its own competitive edge without the business unit manufacturing cold rolled steel, which has been acquired recently by Hyundai Steel.
Hyundai HYSCO made its new business plan public on December 4. According to the plan, the company is going to focus on the four core businesses of overseas steel processing, auto parts manufacturing including lightweight parts and fuel cells, steel pipe production, and natural resources development. It is planning to step up investment in these fields to shore up its competitiveness.
The cold rolled steel manufacturing division, which accounted for 60% of its sales, has recently been handed over to Hyundai Steel. Hyundai HYSCO is aiming to reach sales of 4.8 trillion won (US$4.5 billion) in its steel processing centers abroad, 2.2 trillion won (US$2.1 billion) in auto parts manufacturing, and 1.6 trillion won (US$1.5 billion) in steel pipe production by 2020.