South Korean steelmaker Hyundai Steel has announced that it will sell its Chinese steel service center subsidiary Hyundai Steel Beijing Process Co., Ltd. due to slowing demand in the country and net losses recorded over the past few years.
The company has signed a memorandum of understanding with a potential buyer, SteelOrbis understands. The sale is scheduled to be completed in the first half of this year.
Hyundai Steel will continue to operate at its Tianjin unit for its business in China.
The combined assets of the Beijing unit are currently estimated at around KRW 464.8 billion ($354.1 million).
