Hyundai Steel to Spin Off and Establish a Specialized Forging Business Subsidiary
[Asia Economy Reporter Park Soyeon] Hyundai Steel is establishing a subsidiary dedicated to the forging (shaping metal into a specific form) business.
On the 25th, Hyundai Steel announced that it will spin off the production and sales division of metal casting and open-die forging products and establish a specialized company named Hyundai IFC Co., Ltd. (tentative name) to take charge of this business.
The spin-off date is April 1 at 0:00 AM. It is scheduled to launch after the March shareholders' meeting.
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The company explained, "This decision was made to enhance the expertise of the forging business and pursue management efficiency," adding, "Autonomous decision-making and rapid response to market changes will be further strengthened."
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