South Korean steelmaker Hyundai Steel has announced that it has entered into a licensing agreement with global steel giant ArcelorMittal for the latter’s hot stamping steel product and process. Accordingly, the company has become the first producer in South Korea to receive this license from ArcelorMittal.
With the patent license agreement in place, Hyundai Steel is now able to accelerate the manufacturing and sales of hot stamping steels in South Korea, China and ASEAN countries, free of the risk of patent infringement; furthermore, sales activities for related materials and parts are also expected to gain momentum, according to Hyundai Steel’s statement.
Hyundai Steel plans to expand its hot stamping automotive part business overseas by signing this agreement. The company currently runs one of the largest hot stamping sites in South Korea, including 22 lines in Yesan, Choongnam, and two lines in Ulsan, producing automotive parts with the hot stamping process.
Through the execution of this license, the company expects not only to significantly develop its sales of press-hardenable steel materials and parts, but also to expand the high-value auto parts market.