INI and Hysco sign a deal for the takeover of Hanbo

INI and Hysco sign a deal for the takeover of Hanbo

INI Steel and Hyundai Hysco have reportedly signed a deal worth Won 910 billion ($790 million) for the takeover of bankrupt Korean steel producer Hanbo Steel. As previously reported by SteelOrbis, INI Steel and Hyundai Hysco signed a memorandum of understanding for the takeover and the consortium of INI-Hysco was selected as the preferred bidder in the tender held for the sale of assets of Hanbo Steel. However the consortium did not disclose the deal's value. In line with the recent deal, INI will pay Won 726 billion ($630 million) for hot rolled steel and steel bar producing facilities of Hanbo, whereas Hysco will pay Won 184 billion ($160 million) for the cold rolled steel producing facility of Hanbo.