May 4 2005
Hyundai Corporation determined to enter into the steel trading industry. An official said, “Securing 10,000 tons of sheet pile exclusively produced by INI Steel, Hyundai Corporation will advance into the steel trading industries with the stronghold of steel trading center with over 6600 m² area in Incheon.
It was reported that Hyundai Corporation being under the workout process had got the approval of this business plan from the creditor group.
Sheet pile, a material for the seawall construction in reclaiming land, is usually traded in the form of lease.
The lease market of the sheet file is estimated about 250,000-ton worth and has been usually distributed by the small and medium firms in Korea.
Hyundai Corporation has already secured about 3000 tons including the used materials made in Japan and sought advance into the business from the early of last year. The company is now planning to enter into the steel lease industry with the additional products from INI steel in earnest.
Another official pointed out, “We got off to a good start with the orders covering more than 80% of the secured amount.”
The company will increase the leased volume to 50,000-ton level and expand the trading center into over 16,500-m² area.
Hyundai Corporation also plans to grow to the total steel trading company in the future by expanding items into H-beam, steel plate, section shape steel, and coil.
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