Seoul: Hyundai Heavy Industries has signed an agreement cementing mutual cooperation with steel giant POSCO and the Dongkuk Steel Mill for joint technology development and stable supply of steel resources.
As part of the agreement HHI and POSCO performed a share swap, with HHI affiliate Hyundai Mipo buying 872,000 shares in POSCO, which purchased 1,477,000 shares in HHI respectively. POSCO also bought 1,005,000 shares of Union Steel a subsidiary of Dongkuk Steel Mill. The Mill is expected to purchase a corresponding number of shares in POSCO subsidiary Pohang Coated Steel in the coming week.
The agreements are expected to stabilise the skyrocketing steel market and guarantee the shipbuilder access to high quality products. [11/05/07]
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