Hyundai Steel to Sell Jamwon-dong Office Building

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel is selling its office building in Jamwon-dong, Seoul, to improve its financial structure.

On the 9th, Hyundai Steel announced that it had selected a lead manager for the sale of the Jamwon-dong office building currently used by the Sales Headquarters. About 100 employees working at the Jamwon-dong office will relocate to the Dongwon Industry Building in Yangjae-dong, Seocho-gu by the 17th of this month. In addition, all Sales Headquarters personnel, who were previously dispersed across three locations, will move to the Dongwon F&B building.

Hyundai Steel has formed a 'Steel Business Competitiveness Enhancement Task Force (TF)' to promote business structure reorganization. It is reviewing the sale of the steel pipe division, spin-off of the forging business, and adjustment of the electric furnace hot-rolling business. Through these measures, the company aims to expand profitability and strengthen competitiveness. The sale of the Hyundai Steel office building is also interpreted as part of this effort.