[Sponsored Report] Hyundai Steel moves into future with its competitive edgeHyundai Steel, Korea's second-largest steel manufacturer, prepares for changes in market demand by securing future growth engines. With this, hopes of making a successful entrance into new fields of business are high.
The company, first in the nation to build iron works with private capital in 2006, has since transformed into a global steel giant. Up to the construction of the third blast furnace in 2013, over nine trillion won (about $8 billion) was invested in steelmaking. The Hyundai Motor consortium also acquired Dongbu Special Steel, allowing for the production of the steel needed for making automobile parts.
Last April, construction for Hyundai's own special steel works began in Dangjin. Once completed, this facility is expected to produce one million tons of steel per year, double the current capacity of the company's plant in Pohang, and contribute to the better production of parts for engines and transmissions for power trains. Hyundai Steel also plans to build a new special steel facility that includes equipment for rolling work. The factory will take up 61 acres of land, allowing for the production of 600,000 tons of steel bars and 400,000 tons of wire rods.
In order to continue developing ecofriendly automobiles, research is being carried out on lightweight but high-strength steel plates. In anticipation of rising demand, 129.5 billion won is to be invested by the company so that the cold rolling works facility in Dangjin can bring in new machinery for making galvanized steel iron and aluminum-coated steel sheets. If operation begins in 2016 according to plan, it will lead to the production of 500,000 tons of high-quality steel plates per year to be used for making cars.
Especially since the latest projects are directed specifically toward automobiles parts, the company is confident that its specialty is bound to gain recognition. Through future-oriented goals and actions, Hyundai Steel jumps ahead to the next generation.
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