Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

HHI-POSCO-Dongkuk sign steel agreement

HHI-POSCO-Dongkuk sign steel agreement

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]