Hyundai Motor to initiate supply talks with JFE Steel

Hyundai Motor to initiate supply talks with JFE Steel

According to recent news in the market, Hyundai Motor Group Chairman Chung Mong-koo will initiate supply negotiations with the President of Japanese steel producer JFE Steel, Fumio Sudo. The negotiations involve slab steel supply for Hyundai Motor's steel mill in Dangjin near Seoul. Moreover, they also will cover cooperation in technology. The mill in Dangjin was acquired by Hyundai Motor following the take over of Hanbo Steel by INI Steel and Hyundai Hysco last month. The steel mill in Dangjin is scheduled to be operational by 2006. However, in order to achieve this aim, the mill should secure stable slab steel supply.