South Korea’s second-largest steelmaker Hyundai Steel Company, the steelmaking arm of Hyundai Motor Group, has stated that it will accelerate its development works for steel materials with high strength which are lighter in order to meet the increasing demand for lightweight automobiles and have the edge in the global auto parts market.
The company aims to supply one million mt of steel plates to major global automakers, SteelOrbis understands.
In 2019, Hyundai Steel developed 218 types of ultra-high strength steel, and received certifications from global automakers for 167 auto parts. The company expects to get quality certifications from automakers in Europe and China in order to increase its competitiveness across the world.