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.
  • 2020: Contemplates exit from China, move to India.

Notes
  • 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.
  • 2020: Press reports in mid-2020 suggested that Hyundai Steel and other South Korean majors were considering closure of their steel factories in China and relocation to India. The same sources also stated that the Indian government would be keen to have steel giants such as Posco or Hyundai Steel set up steel factories in Andhra Pradesh.


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