Hyundai Steel set a target to be a top global steelmaker by 2025 with annual turnover reaching 31 trillion won, up more than 50 percent from last year’s annual sales.
The steelmaker declared its new vision at a meeting of 100 key officials, led by Vice Chairman Woo Yu-cheol, at the steelmaker’s head office in Yangje-dong, Seoul on July 14. “Engineering the Future beyond Steel” was the theme of the strategic meeting, which tells the tale of a steelmaker that has been leading the development of the principal industries in Korea for the past 60 years, as an enterprise creating value of the foundation of integrated materials, a blueprint for its future, officials of the steelmaker said.
In his congratulatory speech, Vice Chairman Woo said the new vision is designed to create a segregated value that no one has yet to create, reflecting the view of those who want to work for it. He urged everyone concerned to adapt to the new vision.
Under the new vision, the steelmaker plans to record 20 trillion won in annual sales by 2020 and then 31 trillion won by 2025.
The steelmaker formed a special task force in March with personnel picked from each department to come up with a new vision to enlighten the steelmaker’s future and unite the steelmaker to achieve the goal in a solidified manner.
The steelmaker is setting about the task in three strategic ways: strategic operation, information technology and management infrastructure.
The strategic operation can be represented as application engineering to help customer firms maximize their competitive powers. To make it possible, the steelmaker will provide help from an early stage of their operation. That help includes planning, designing, production and sales in all the processes to create segregated values. Hyundai Steel wants to give a cooperative model it built with its automaker customers to construction, shipbuilding and energy companies, among others.
In order to make that possible, they will build a Smart Platform, an information technology base to lead to an Open System, an advanced management infrastructure to create a corporate culture for cooperation and mutual survival.
With the new vision, the steelmaker kicks off its second challenge to be a leading steelmaker in the world based on new steel materials and services that the steelmaker will create.
Over the last half century, when Hyundai Steel was established as the first steelmaker in Korea, the company has led the technological development of electric arc furnaces and significantly contributed to the economic development of the country. With the 2010 completion of an integrated steel mill, the first ever constructed by a private company, Hyundai Steel has grown into a global steelmaker with a product portfolio that is second to none.
As part of the Hyundai Motor Group, Hyundai Steel is playing a key role in the group’s resource recycling chain marked by the byword “from molten iron to automobiles.” Iron melted in a blast furnace is transformed into new cars, which at the end of their lifespan go into an electric arc furnace where they become H piles or reinforcing bars. This recycling of our resources is not only environment friendly, but enriches the lives of everyone.
And at the very heart of these efforts is Hyundai Steel.
Hampered by the recent fall in oil prices, a rise in U.S. interest rates, and the "Abenomics" policy in Japan, Korea’s global economic crisis continues. In response to the current economic climate, businesses must strengthen their competitiveness and focus on their key competencies more keenly than ever before. Based on its dual strengths in blast and electric arc furnaces, Hyundai Steel has the competitiveness and distinct competence to cope with rapidly changing global economics in a flexible manner.
The year 2015 marks a new challenge for Hyundai Steel. Based on innovative business initiatives such as the construction of a round bar production plant, the company has developed several marketing strategies in line with changes in the global steel market while reinforcing its status both in Korea and in the world market.
Hyundai Steel’s challenge to become a leader in the new era of steel is an ongoing process. The passion and wisdom of all our employees will be merged as we work to add a new engine of growth to our robust foundation, setting our company on the path to sustainability that will take this business into the next century. Your continued support will be much appreciated as Hyundai Steel strives to become a globally-respected steelmaker by achieving the "infinite possibilities of steel."
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