Hyundai Steel is ramping up efforts to explore global markets in cooperation with HD Hyundai Group.
Hyundai Steel held a ceremony to celebrate the first of the new thick plate steel for LPG and ammonia carriers with officials in attendance from HD Korea Shipbuilding & Offshore Engineering (KSOE) and HD Hyundai Heavy Industries, the steel maker said on March 12.
The new thick plate is noted for strong capabilities against outside impacts in super-low temperatures and excellent welding.
LPG and ammonia carriers are required to maintain super-low temperatures, but the conventional steel is susceptible to outside impact due to lower impact toughness.
To solve the problem, Hyundai Steel joined forces with HD KSOE and HD HHI and developed the new thick plate steel through joint research lasting one year.
The new thick plate employs thermal mechanical control process (TMCP) technology to improve strength, toughness and welding by changing steel organization.
It has secured low-temperature toughness and welding capability by lowering the content of alloy steel.
It has raised shipbuilding efficiency by employing weld heat input technology.
The latest thick plate is considered a strategic item in the company’s pursuit of competitiveness amid China’s low price export drive. It is expected to contribute to building value-added ships.
Hyundai Steel is to complete the classification and approval process for the new thick plate by the end of March, establish a full-fledged mass production system and plans to ramp up sales marketing activities.
A Hyundai Steel official said, “From now on, Hyundai Steel will contribute to strengthen the competitiveness of the Ko9rean shipbuilding and steel industries through continuous technology cooperation with HD KOSE and HD HHI.”
Hyundai Steel Considering Investing 10 Trillion Won to Build Steel Mill
Hyundai Steel is considering a steel industry center in the United States by investing some 10 trillion won.
The move may be construed as part of Hyundai Motor Group’s plan to produce steel products in the United States and supply them to the group’s local car plants to overcome tariff barriers during U.S. President Donald Trump’s 2nd-term administration.
Industry sources said that Hyundai Steel was considering building a steel mill producing auto steel plate items in the United States.
Discussions on investment conditions, including infrastructure, were under way with various states, including Georgia, where Kia Motors of Hyundai Motor Group has a plant, the sources said.
Hyundai Steel has considered new investments abroad, but the company said detailed plans had not yet been decided.
In a public notice, Hyundai Steel said, “We’re considering diverse options to secure sustainable growth and global competitiveness, but nothings had been determined until now.”
In March 2024, Hyundai Steel President Suh Kang-hyun said, “Hyundai Steel is considering local production centers to address global trade protectionist moves, and we will have an in-dept look at what areas we will invest to cope with trade barriers.”
Many pundits said Hyundai Motor Group might execute massive investments in the United States to tide over trade barriers.
In reality, as Donald Trump was elected to U.S. president last November, the Korean automobile industry had worried about U.S. efforts to intensify trade protectionist moves.
In the campaign trails, President-elect Trum spoke about imposing 10 to 20 percent general tariffs on all imports and classifying of steel, defense and photovoltaic industries as national core sectors.
In particular, President Trump set a precedent by imposing tariffs on Chinese steel and aluminum imports during his first term.
Business sources said if Hyundai Steel decides to build a steel mill in the United States, it is expected to involve an investment amounting to some 10 trillion won, becoming the nation’s first steel mill producing iron molds.
A steel industry official said if Hyundai Steel builds a large-size steel mill in the United States, it is expected to not only stabilize Hyundai Motor Group’s automobile business, but it will also help the Korean steel industry make inroads into the U.S. market.
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