 |
Photo = Yonhap news |
[Alpha Biz= Paul Lee] According to industry sources on Tuesday, Dongkuk Steel is in negotiations with Hyundai Steel regarding the acquisition of Hyundai IFC.
Hyundai Steel established Hyundai IFC in 2020 by spinning off its forging business. Forging is a process in which metal is heated to a specific temperature and then shaped by applying force.
Hyundai Steel is looking to sell the subsidiary to secure investment funds for its steel plant in the United States. Hyundai Motor Group plans to build an electric arc furnace steel plant in Louisiana, USA, with production set to begin in 2029. The total investment amount for the project is $5.8 billion.
A Dongkuk Steel official commented, "We are conducting various reviews to secure new business opportunities, but nothing has been confirmed yet."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
