Posted on 16 Sep 2013
South Korea's Hyundai Steel Co plans to increase the supply of automotive steel to its affiliates Hyundai Motor Co and Kia Motors Corp by nearly 30 percent to 4.9 million tonnes next year, fueled by its new blast furnace, an executive of the steelmaker said on Friday.
This will represent 70 percent of total steel demand of Hyundai and Kia next year, which together rank as the world's fifth-biggest carmaker by sales, senior executive vice president Cho Won-suk told reporters.
This year, Hyundai Steel is expected to provide 3.8 million tonnes of steel to Hyundai and Kia or 58 percent of the automakers' steel demand, Cho said.
