Hyundai Steel will boost its exports to Indonesia to 340,000 metric tons of hot-rolled steel annually, its press release said.
This comes as Hyundai Steel signed a memorandum of understanding to supply its steel to PT Essar Indonesia in the region where the Korean steel-maker also has two other customers, its spokesperson said.
Hyundai Steel vice chairman & CEO Park Seung-ha (second from left) poses with PT Essar president director KB Trivedi (third from left) after signing an MOU in Jakarta on Tuesday. (Hyundai Steel)
Essar is the largest cold-rolled steel producer in Indonesia, according to media reports. Hot-rolled steel is produced through traditional blast furnaces that can later be processed to cold-rolled products for automobiles, the spokesperson explained.
He noted that the Korean steel giant began exporting to Indonesia in 2010.
Also, Hyundai Steel is looking to export H-beams to Singapore’s construction sector as it is in talks with some potential customers in the Southeast Asian country.
It is likely to sign an MOU with Singapore-based companies soon, he said.
Hyundai Steel’s push for exports in Southeast Asia came after Hyundai Motor vice chairman Chung Eui-sun took on a vice chairman post at the steel maker.
Chung, the only son of Hyundai Motor Group chairman Chung Mong-koo, was appointed vice chairman in charge of product quality at the non-automotive affiliate of Hyundai Motor in March.
By Park Hyong-ki (hkp@heraldcorp.com)