Hyundai Steel, the second largest steel maker in Korea said on Thursday that it plans to merge with Hyundai Hysco Co's auto steel sheet making division. The merge is to cut costs and improve profitability said Hyundai Steel. The Board of directors of Hyundai Steel has reportedly approved the merger with their affiliate, Hyundai Hysco Co.'s cold-rolled steel making division. Currently, Hyundai Steel supplies steel sheets to Hyundai Hysco when then processes them into steel sheets used for making cars. In September 2013, Hyundai Steel started operations on its third blast furnace which has an annual capacity of 4 million tons of crude steel. With the new blast furnace, Hyundai Steel have a total of 12 million tons of steel from its 3 blast furnaces, and with their electric furnace also having a total 12 million ton capacity, Hyundai Steel can produce 24 million tons of crude steel per year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66721&division=A9
