[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Steel will sell its Beijing and Chongqing subsidiaries.

The Chinese government made the decision after Hyundai Motor and Kia performed poorly in China as it has continued to put pressure on South Korean companies since the THAAD deployment in 2017.

According to Hyundai Steel's semiannual report on the 15th, Hyundai Steel announced its Chinese subsidiaries, Hyundai Steel Beijing Process and Hyundai Steel Chongqing, as assets to be sold. According to the business report of the two Chinese corporations, their assets are 82.483 billion won.

Hyundai Steel signed a memorandum of understanding (MOU) with potential buyers for the sale and began due diligence. The specific price of real estate and shares of the two corporations is not known.

Hyundai Steel's Beijing and Chongqing subsidiaries were established in 2002 and 2015 to reprocess imported auto steel plates from Korea and deliver them to Hyundai Motor and Kia's Beijing and Chongqing plants, respectively.

 

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