South Korean steelmaker Hyundai Steel is set to resume its steel operations in Russia after almost two years when its plant in the country was shut down due to Russia’s invasion of Ukraine, according to media reports. These events also forced the company to sell the plant of its automotive subsidiary Hyundai Motor Co. to a local entity.
Market sources have stated that Russia-based AGR Automotive Group, a subsidiary of Art-Finance LLC, which acquired Hyundai Motor’s plant and started operations under a different brand, is currently using on-site inventories to produce many vehicle types. However, the company will need more steel sheets in the future when they run out of stock, and Hyundai Steel is expected to meet these needs by recommissioning its steel sheet plant in St. Petersburg.
Additionally, auto parts and components producer Hyundai Wia Corp. is also said to have received orders from AGR Automotive, though its plant remains closed and the company is yet to decide on reopening.
