[Interview] Former Hyundai Steel Vice Chairman Woo Yucheol: "Opportunities to Overcome Recession Will Surely Come... Invest in People"

"In times of recession, an organization must become more resilient."

Woo Yucheol, former Vice Chairman of Hyundai Steel who led the construction of Korea's first private steel mill, emphasized above all that an organization must not falter in the face of the unprecedented downturn in the steel industry. Woo has recently drawn attention with the publication of his new book titled "Steel Is Forged by Ten Thousand Strikes," which addresses the current crisis in the steel industry, organizational management, and leadership. Recognized as both a hands-on leader and strategist who built Hyundai Motor Group's steel business, he revisits the "time of steel" that he experienced inside and outside the industry over several decades. He especially recalled the overwhelming emotion he felt in January 2010, just six years after leading the Dangjin Steelworks project?the first private integrated steel mill in Korea?when the first blast furnace was successfully fired up, saying, "A flood of emotion hit me, thinking, 'We finally did it.'"

Woo Yucheol, former Vice Chairman of Hyundai Steel, is giving an interview at the Asia Economy building in Jung-gu, Seoul on the 24th. 2025.6.24 Photo by Kim Hyunmin

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From his perspective as a key figure during the boom years of Korea's steel industry, the current crisis facing the industry is inevitably regrettable. Chinese steel products are rapidly increasing their market share across domestic industries such as construction and shipbuilding, holding an absolute price advantage. In a recent interview with Asia Economy, Woo said, "China is building an enormous number of blast furnaces, and when domestic demand can't absorb the output, they push steel out to the rest of the world. If this situation continues and China suddenly decides to cut production, it could trigger a global supply crisis."

Woo expressed a negative view of the domestic steelmakers' survival strategy of focusing on high-value-added steel products, as these account for only a small portion of overall demand. He said, "Ultimately, materials like rebar and structural steel, which are used in less visible places, determine the market." He emphasized that in order to overcome the waves of recession, 'people' must be considered the core asset. "The first aspect of a crisis is the market. But the market is something we cannot control. The same goes for strategy. People are different. People are within our control. So what we need to do now is clear: invest in people."

This is also advice directed at his former company, Hyundai Steel, which has recently entered an emergency management mode due to worsening market conditions. He was most wary of the 'lethargy' spreading within the organization, criticizing the attitude of "What's the point if it's not going to work anyway?" In his new book, Woo cites Hyundai's unique spirit of challenge as the primary factor behind the success of the Dangjin project. He emphasized that if you make an effort and take on challenges even in difficult circumstances, good results will follow. In the interview, he also said, "Opportunities always come. Only those who are prepared can recognize and seize them." He stressed that industry is driven by people, and that crises are ultimately resolved by people as well.

Woo Yucheol, former Vice Chairman of Hyundai Steel, is giving an interview at the Asia Economy building in Jung-gu, Seoul on the 24th. 2025.6.24 Photo by Kim Hyunmin

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Regarding Hyundai Steel's plan to build an integrated steel mill in Louisiana, USA, Woo offered advice based on his own experience. While he assessed that "it could be a great opportunity," he also made it clear that "building and operating a steel mill is never an easy task." "Building a steel mill is not the end. Many fail at the operation stage, and there are plenty of cases where product development fails as well. Just because you've built an integrated steel mill before doesn't mean you'll succeed overseas."

Woo noted, "Steel is an industry intertwined with markets, policies, customers, and politics," and added, "In times of crisis like now, it needs even more care and attention, just like an apple tree in an orchard."

Chung Mongkoo, Honorary Chairman of Hyundai Motor Group, appears throughout Woo's book, illustrating how the role of a leader stands out even more in times of crisis. "He truly only cared about work. Even as chairman, he was on top of every detail. When I initially refused to take charge of the steel mill, he remembered it even after ten years. For me, it was a major event in my life, but for the chairman, there must have been hundreds of such moments, and yet he still remembered."

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