Hyundai Steel chief warns of prolonged industry recession

[Courtesy of Hyundai Steel]

Hyundai Steel Co. CEO Seo Gang-hyun has expressed concerns about the ongoing recession in the South Korean steel industry, saying that it is difficult to predict when the downturn will end. Seo’s remarks indicate that the steel market slump could persist for an extended period.

According to industry sources on Tuesday, the CEO addressed employees on Monday in a message marking the company’s 71st anniversary.

“Increasing trade barriers year by year are the biggest variable affecting the global steel market supply and demand,” he said.

Seo emphasized the importance of sticking to the fundamentals during these challenging times.

“One of the foremost conditions for overcoming this crisis is to reflect on our reality with an objective perspective while also envisioning the direction we should head,” he said, urging employees to reaffirm the company’s goals.

He also reiterated Hyundai Steel’s commitment to sustainability, saying, “The direction of becoming a sustainable and eco-friendly steelmaker will become the identity of Hyundai Steel.”