Hyundai Steel hires first exec from Posco

Hyundai Motor Group appointed ex-Posco executive Ahn Dong-il as president of R&D and technology development at Hyundai Steel, its affiliated steelmaker, on Friday.

Ahn Dong-il

It is the first time the country’s second-largest steelmaker has recruited an executive from competitor Posco, the top steelmaker in Korea.

Ahn has previously served as the head of major Posco steel mills in Gwangyang, South Jeolla, and Pohang, North Gyeongsang. He is recognized as one of the leading experts in steelmaking facilities and production, Hyundai Motor Group said in statement.

In his new role - a title newly created at Hyundai Steel - he will be taking charge of improving the competitiveness of production technologies, R&D and product quality at Hyundai Steel’s mill in Dangjin, South Chungcheong.

“The steel business has been suffering from sluggish demand globally, protectionist trade policies and fierce competition,” a spokesperson from the auto group said. “With the new appointment, we hope to overcome some of the difficult market conditions we are facing and improve our business competitiveness.”

Hyundai also said its affiliated steelmaker will seek ways to cooperate with rival Posco to enhance the competitiveness of the Korean steel industry. The major area of cooperation will be working together to overcome the threats of protectionist policies, according to industry sources.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]