Hyundai Steel to Exit Color Steel Sheet Business
[Asia Economy Reporter Hwang Yoon-joo] Hyundai Steel is winding down its color steel sheet business.
According to Hyundai Steel on the 5th, the color steel sheet line at the Suncheon plant has ceased operations since the 29th of last month following a labor-management agreement. About 50 employees at the plant will be reassigned to other plants or departments, and the remaining equipment is expected to be put up for sale.
Hyundai Steel's color steel sheet business has been recognized as a representative unprofitable business, posting annual losses in the range of 10 billion KRW in recent years. This is due to the aging of Hyundai Steel's color steel sheet facilities and insufficient investment in product development.
Meanwhile, Hyundai Steel has been accelerating restructuring of unprofitable businesses this year. Following the spin-off of the forging division in April, in June it decided to halt operations and sell the electric furnace thin plate rolling mill at the Dangjin Steelworks.
Hot Picks Today
There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- Cerebras Soars 70% on IPO Debut: Is Nvidia's Reign Ending as a New AI Semiconductor Power Emerges?
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Currently, it is undergoing overseas subsidiary restructuring, including the integration of its China subsidiary, and is reportedly considering the sale of its steel pipe division as well.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
