Industry
Hyundai Steel to merge with sister firm's auto steel division
Oct. 17, 2013
Hyundai Steel Co., the country's No. 2 steelmaker, said Thursday that it plans to merge with an auto steel sheet-making division of its affiliate, in order to cut costs and improve profitability.Hyundai Steel said its board of directors approved a merger with Hyundai Hysco Co.'s cold-rolled steel-making division on Dec. 31, the company said in a regulatory filing.Currently, Hyundai Steel, a unit of Hyundai Motor Group, supplies steel sheets to Hyundai Hysco, which processes them into steel sheet