Hyundai Steel establishes foundation for future growth

Hyundai Steel has established three strategies to secure continuous momentum for future growth: expanding a stable business foundation focused on profitability, adhering to the road map for carbon neutrality, and securing momentum for future...

Hyundai Steel’s Dangjin Steel Mill [HYUNDAI STEEL]

Hyundai Steel has established three strategies to secure continuous momentum for future growth: expanding a stable business foundation focused on profitability, adhering to the road map for carbon neutrality, and securing momentum for future growth in line with evolving business paradigms.

First of all, the company plans to concentrate on expanding its stable business foundation focused on profitability.

In 2020, Hyundai Steel separated its forging business division into a subsidiary called Hyundai IFC, successfully achieving revenue growth and turning a profit.

Last year, it spun off its steel pipe business division into Hyundai Steel Pipe, enabling independent business capabilities and facilitating efficient investment and management.

This year, the company plans to continue basing its decision-making on profitability and efficiency across all business sectors.

In particular, it aims to establish an efficient supply chain for steel plates intended for electric vehicles through an electric vehicle steel service center that is currently undergoing construction in the United States.

Secondly, the company plans to strictly follow its carbon neutrality road map.

Hyundai Steel announced its carbon neutrality road map that extends until 2050 in April last year and set the goal to reduce carbon emissions by 12 percent by 2030.

Improving the environment is at the core of maintaining a sustainable steel business.

The company plans to achieve this through the implementation of new technologies and businesses such as Hy-Cube and HyECOsteel.

Lastly, the company is committed to expand its effort to secure future growth engines in line with the changing industrial paradigms.

It plans to focus on the development of high-strength, lightweight materials that can thrive in the evershifting mobility industry.

Currently, efforts are being made in the development of third-generation steel plates.

Investments in and product applications of high-strength, high-value products such as hot stamping are increasing as well.

Hyundai Steel plans to leverage its unwavering spirit of challenge that it has cultivated over the past 70 years, along with its capabilities on the global stage, as a foundation to overcome challenges and establish itself as a sustainable steel company in the future.

BY JEONG SEONWU [jeong.seonwu@joongang.co.kr]