Hyundai Steel:
"Reviewing Various Measures"
Hyundai Steel, which plans to build an electric furnace steel mill specialized in automotive steel sheets in the United States, is reportedly considering the sale of its subsidiary Hyundai IFC.
According to the steel industry on the 15th, Dongkuk Steel is the leading candidate to acquire Hyundai IFC, Hyundai Steel's forging (shaping metal into specific forms) subsidiary. A Dongkuk Steel representative stated, "We are reviewing the acquisition from various angles to strengthen our steel business competitiveness and explore new industries, but nothing has been finalized yet."
Hyundai IFC was established in 2020 through a physical division of Hyundai Steel's forging business division. It supplies high value-added products not only for shipbuilding forging products and steel bars but also for various fields such as automotive, energy, and aerospace. As of the end of 2023, its sales amounted to 536.5 billion KRW, and as of January last year, it had 510 employees.
If Dongkuk Steel sells Hyundai IFC, industry insiders widely expect that Hyundai Steel will likely use the proceeds from the sale as part of the investment funds for building the steel mill in the United States. Hyundai Steel is promoting the construction of an electric furnace steel mill specialized in automotive steel sheets in Louisiana, in the southeastern United States, with a scale of 5.8 billion USD (approximately 8.5 trillion KRW).
A Hyundai Steel official said, "The company is reviewing various measures to strengthen competitiveness," but added, "Nothing has been decided yet."
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