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Hyundai Steel to establish new subsidiary for steel pipe business

Collected: 2023.10.23

Distributed: 2023.10.24

Source: Go Direct

[Courtesy of Hyundai Steel]

South Korea’s Hyundai Steel Co. is spinning off its steel pipe business and establishing a new subsidiary called Hyundai Steel Pipe.

According to industry sources on Sunday, the subsidiary’s name has been finalized and the registration will be completed as early as this week.

Chae Bong-suk, a Hyundai Steel executive and former president of Hyundai Steel’s India business, has been appointed to lead Hyundai Steel Pipe.

“The name of the new subsidiary and the chief executive officer have been confirmed following recent internal decisions,” said the company, adding that all the necessary tasks for the establishment will be completed by the end of the year.

Hyundai Steel approved the establishment of the subsidiary for the steel pipe business through an in-kind contribution during a board meeting in September.

Establishing a subsidiary is part of the company’s grand scheme to grow it into a global specialty steel pipe company.

The steel pipe business was previously conducted by Hyundai Hysco, which was acquired by Hyundai Steel in 2015. After the acquisition, Hyundai Steel integrated Hyundai Hysco’s steel pipe production department into its Ulsan plant.

The parent company Hyundai Steel will focus on steel for automobiles and high-value-added steel bars used in construction.

By Cho Yun-hee and Chang Iou-chung

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