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Hyundai Steel to Spin Off Metal Forming Division

Steel News - Published on Thu, 27 Feb 2020

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Pulse News reported that Hyundai Steel will spin off its metal casting and free forging business as a subsidiary to improve business efficiency and competitiveness. The demerged unit, which will be in charge of both manufacturing and marketing, is tentatively named as Hyundai Integrated Forging Co with initial capital of KWR 521.8 billion. The new subsidiary will hold a full stake after the separation, and Hyundai Steel will focus on its core steel manufacturing

The company said the decision aims to sharpen business acumen and seek operational excellence and better respond to market dynamics with agile decision-making.

The spinoff will take into effect on April 1 upon gaining go-ahead from the shareholders’ meeting in March 25.

Metal forming is a metal working process of fashioning metal parts and objects through mechanical stress, reshaping the workpiece without adding or removing materials.

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Posted By : Rabi Wangkhem on Thu, 27 Feb 2020
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