Andongil President "Restructuring Business Focused on Core Operations"... Hyundai Steel Approves Spin-off of Forging Business

[Asia Economy Reporter Hwang Yoon-joo] Andong-il, President of Hyundai Steel, announced at the regular shareholders' meeting that the management policy for 2020 has been set as "Securing sustainable growth engines through strengthening corporate fundamentals."

In his greeting at the 55th regular shareholders' meeting on the 25th, President Ahn said, "Due to the impact of the coronavirus that started in China earlier this year, the global low-growth phase is deepening and is likely to be prolonged, leading to a continued slump in the steel demand market."

President Ahn presented four management strategies: ▲ growth focused on fundamentals ▲ optimization of business structure ▲ proactive response to change ▲ practice of social responsibility.

He first stated, "We will move away from the previous tendency to focus on external scale and quantitative growth such as maximum production and maximum sales, and this year, we will emphasize intrinsic competitiveness to achieve qualitative growth through optimal production and maximum profit."

Additionally, as a plan to optimize the business structure, President Ahn said, "We will strengthen corporate fundamentals centered on competitive businesses and strategically nurtured core businesses," and added, "We will promote restructuring of the business structure to focus on core businesses and high value-added products, moving away from the strengths of a diverse product portfolio."

He also emphasized, "In a management environment where uncertainty has become the norm, we will accurately recognize our current situation and secure organizational capabilities to proactively respond to changes."

He continued, "The company will pursue corporate management faithful to principles, and employees will secure trust and empathy from the local community through participation in social value."

Meanwhile, Hyundai Steel resolved to newly appoint Vice President Seo Myung-jin (Head of Purchasing Division) as an inside director and reappoint Vice President Park Jong-sung (Head of Dangjin Steelworks), and passed the agenda for the spin-off of the forging business as originally proposed.

This content was produced with the assistance of AI translation services.