Hyundai Steel’s BOD has approved the proposal to set up a steel pipe subsidiary to boost competitiveness by streamlining its business portfolio.
Sep 26, 2023
Hyundai Steel, Korea’s Board has approved the proposal to set up a steel pipe subsidiary by the end of this year. The subsidiary is a part of efforts to boost competitiveness by streamlining its business portfolio.
Hyundai Steel is Korea’s second-largest steelmaker and aims to develop the independent steel pipe unit as a top-tier domestic player as well as a global company specializing in pipes for eco-friendly energy projects.
Currently, Hyundai Steel operates a steel pipe plant with an annual capacity of 1.11 million tons in the southeastern industrial port of Ulsan. Last year, Hyundai Steel’s steel pipe division generated about USD 1.12 billion in consolidated sales.
To bolster profitability, Hyundai Steel has been streamlining its business lines since 2020, when it established a forging subsidiary. It has also suspended facilities for such low-profit products as pre-coated metal.