ID :
190315
Wed, 06/22/2011 - 10:02
Auther :
Shortlink :
https://oananews.org//node/190315
The shortlink copeid
Hyundai Hysco joins Duferco for global expansion
SEOUL, June 22 (Yonhap) -- Hyundai Hysco Co., a steelmaking affiliate of Hyundai Motor Group, said Wednesday that it has signed a strategic partnership with Duferco, a Switzerland-based steel trading company, to expand in Europe and Latin America.
Under the agreement, Duferco will own a 10 percent stake in a Hyundai Hysco coil center that is under construction in Brazil, while Hyundai will be responsible for processing steel products, the Korean steelmaker said in a statement.
The move is likely to help Hyundai gain ground in Central and South America as well as in Europe, it added.
"It is becoming increasingly important to expand our overseas business, as we are expected to post 6 million tons in annual production of steel plates after 2013 when a new plant will be completed," an official at Hyundai Hysco said.
"The partnership will help us secure new customers, such as automakers and steel plate vendors in South America," he added.
ylee@yna.co.kr
Under the agreement, Duferco will own a 10 percent stake in a Hyundai Hysco coil center that is under construction in Brazil, while Hyundai will be responsible for processing steel products, the Korean steelmaker said in a statement.
The move is likely to help Hyundai gain ground in Central and South America as well as in Europe, it added.
"It is becoming increasingly important to expand our overseas business, as we are expected to post 6 million tons in annual production of steel plates after 2013 when a new plant will be completed," an official at Hyundai Hysco said.
"The partnership will help us secure new customers, such as automakers and steel plate vendors in South America," he added.
ylee@yna.co.kr
