Hyundai Heavy to pay 15% less for steel plates
South Korea-based Hyundai Heavy Industries Co. Ltd. said on Tuesday that it would pay 15 percent less for steel plates from three Japanese firms. This will allow Hyundai Heavy to save $100 million this year. Under the agreement, Hyundai Heavy will buy steel plates from Nippon Steel Corp, JFE Holdings and Sumitomo Metal Industries Ltd. at $580/mt for six months to the end of September 2006.