Hyundai Motor Group on Monday announced that it appointed Kang Hak-seo, current vice president and chief financial officer of Hyundai Steel, as the new CEO of its steel business arm.

“The top-level management reshuffle at Hyundai Steel is aimed at improving falling profitability of the steelmaker and securing funds for new growth engines,’’ Hyundai Motor Group said in a press release.

The 59-year-old Kang is a finance specialist who has managed finance teams of different affiliates of Hyundai Motor Group, including Hyundai Rotem and Hyundai Steel, for a decade.

He graduated from Yeungnam University with a major in business administration.

(jyseo@heraldcorp.com)