Hyundai Steel is selling its Beijing subsidiary, which lost 1,058 billion won

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

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stockmk2020@alphabiz.co.kr | 2023-03-16 06:09:01

(사진=현대제철)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Steel will sell its Beijing subsidiary in China, which has been in deficit for five years.

Hyundai Steel said on the 15th that it has signed a memorandum of understanding (MOU) with potential buyers to complete the process of selling the Beijing Steel Service Center by the first half of the year and has begun due diligence on the sale.

Hyundai Steel's Beijing subsidiary was established in 2002 to reprocess auto steel plates imported from Korea and deliver them to Hyundai Motor and Kia's Beijing plants.

However, it has turned into a deficit since 2017, and the cumulative deficit over the past five years has reached 158 billion won.

 


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