Formal contract by INI-Hysco consortium for Hanbo
Recent news in the market reports that, INI Steel-Hyundai consortium signed a formal contract on Saturday for the takeover of Hanbo Steel, a bankrupt Korean steel producer.
As previously reported by SteelOrbis, the consortium was selected as the preferred bidder in May in the tender held for the sale of assets of Hanbo Steel.
The consortium agreed to pay Won 910 billion ($781 million) for the takeover however sources report that the price has been decreased to Won 870-880 billion ($746-755 million).
The consortium stated that they will first restart
construction of facilities at Hanbo Steel's Dangjin plant.