Hanbo to expand Hyundai's steel business

Hanbo to expand Hyundai’s steel business

Hyundai Automotive Group's takeover of Hanbo Steel will reportedly help the automotive maker take place among the world's top five automakers by 2010. As previously reported by SteelOrbis, the acquisition of Hanbo Steel by Hyundai Hysco-INI Steel consortium was approved by the court last month. Accordingly, the mills would re-operate as INI Steel's Tangjin Mill and Hyundai Hysco's Tanjin Mill. Inauguration ceremony of the mills was scheduled for today. With the Hanbo acquisition, Hyundai's vehicle production is expected to reach 5 million units per annum by 2010. Moreover, certain projects currently under-construction will be completed by INI Steel and Hyundai. When Tangjin Mills are completed, annual production capacity of INI Steel will increase from 7.7 million tons to 12.7 million tons, which will make the producer the world's 15th largest steel producer. Moreover, Hyundai will be able to produce 3.8 million tons of cold rolled steel products per annum.