History of Hyundai Steel, South Korea.

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History of Hyundai Steel

Hyundai Steel (an affiliate of the Hyundai Motor Group) is a leading global steelmaker and the oldest steelmaker in South Korea. In 2018 the company produced ~22 million tonnes of steel, making it the 15th largest steelmaker in the world.

The timeline below covers the history of the firm.

  • 1953: Firm was established.
  • 1956: Blooming mill becomes operational.
  • 1962: Firm is renamed as Incheon Steel.
  • 1968: EAF shop completed.
  • 1982: Heavy sections plant commences operation.
  • 1987: Korean government decides to privatise Incheon Steel.
  • 1990: Stainless cold rolling mill expansion completed.
  • 1997: Sammi Specialty Steel files for court protection from creditors.
  • 2000: Incheon Merger with Kangwon Industries.
  • 2000: Incheon Acquires Sammi Specialty Steel.
  • 2001: Incheon Steel joins Hyundai Group.
  • 2001: Incheon Steel renamed INI Steel on 27-Jul-01.
  • 2004: INI Steel acquires bankrupt Hanbo Steel.
  • 2006: INI Steel renames itself Hyundai Steel Company.
  • 2013: Merger with yundai Hysco's Cold Rolled Steel Division.
  • 2015: Merger with Hyundai Hysco.
  • 2018: Hyundai Steel and other firms fined over price fixing.
  • 2020: Considers sale of Seoul HQ building to secure cash.

  • 1953: The company was founded as the Korea Heavy Industry Corporation on 10th June.
  • 1987: Privatisation was implemented through takeover by the Hyundai Group.
  • 2000: At the time of the merger, Kangwon Industries produced ~800 kt / year of steel bar products.
  • 2000: Incheon merger with Kangwon Industries and with Sammi Specialty Steel gave enlarged group a total production capacity of ~8 million tonnes. Acquisition of Sammi also gave Incheon capability to produce liquid stainless steel.
  • 2004: Hanbo Iron and Steel acquisition was by a consortium involving INI Steel and reroller Hyundai Hysco. Final purchase price was ~$750m.
  • 2010: By this point, Hyundai Steel was primarily an integrated (rather than EAF-based) steel works with its principal integrated production plant in Dangjin, South Chungcheong Province having capacity of 8 million tons.
  • 2018: South Korea's six largest steel firms including Hyundai Steel Co and Dongkuk Steel Mill Co Ltd were fined a total of 119 billion won for fixing the price of steel reinforcement bar.

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