Korean Steel major Hyundai Steel Company was founded in 1953 in Incheon and Seoul, South Korea.
Image: company website
It was the first steel maker in Korea and is the member of Hyundai KIA Motor Group Company. The major operations of Hyundai Steel Company include Special Steel business, Electric Arc furnace business, and Blast furnace business, and it’s a globally recognized brand name.
Korea’s economic development and Steel business development can be highly attributed to technological development of electric arc furnaces by Hyundai Steel. With the 2010, completion of an integrated steel mill, the first ever constructed by a private company, Hyundai Steel has grown into a global steel maker with a product portfolio that is second to no other company in the world.
As part of the Hyundai Motor Group, Hyundai Steel Company is playing a crucial role in resource recycling network of the group by making automobiles using molten iron. In the process, Iron that is melted in a blast furnace is transformed into moulds of cars. Hyundai steel manufacturing is widely known for its quality and manufacturing process used.
Hampered by the recent fall in oil prices, a recent rise in interest rates in US, and the Abenomics policy in Japan, the global economic crisis exists and expected to continue. In response to the current economic climate, businesses must strengthen their operations and competitive abilities to focus on their key competences more keenly now than ever before. Based on the company’s strengths in blast and electric arc furnaces, Hyundai Steel has the competitiveness and distinct competence to handle rapidly changing global economics in a flexible manner.
FY15 was quite challenging for Hyundai Steel group, given the slowdown of world’s automobile industry and Korean economy. Based on innovative business initiatives such as the construction of a round bar production plant, the company has developed several marketing strategies in line with the changes in the global steel market while reinforcing its status both in Korea and in the world market.