Hyundai Steel aims at W26tr in sales by 2020
14 July 2015
Hyundai Steel, the steel business arm of Hyundai Motor Group, unveiled its growth vision to 2025 under a blueprint to advance into a “materials business-based value creation company.”
Under the new slogan of “engineering the future beyond steel,” the company said it would diversify its businesses beyond the core and achieve sales of 26 trillion won ($23 billion) by 2020 and 31 trillion won by 2025.
The company’s declaration of a new vision was expected, following the completion of its merger with Hyundai Hysco, a smaller steelmaking unit of Hyundai Motor Group, on July 1.
With the merger, sales of the combined company increased to 20 trillion won, compared to the steelmaker’s 16.8 trillion won last year. Hyundai Steel’s assets rose to 30 trillion won from 28.9 trillion won.
The new entity plans to increase its sales by 30 percent for the next five years through business diversification, the company said.
The new Hyundai Steel expects to create more value, based on the more diversified business portfolio ranging from specialized steel to automotive steel.
The nation’s second-largest steelmaker reiterated that it would increase exports of auto steel products through its overseas sales network that the company acquired from Hyundai Hysco.