Monday, January 29, 2007

Hyundai steel in talks with ThyssenKrupp and JFE Steel

Hyundai Steel Co. , South Korea's second-biggest steel maker, said on Monday it is in talks with Japan's No.2 maker JFE Steel Co. and Germany's ThyssenKrupp to broaden ties, but no details have been set.

Hyundai Steel, a unit of Hyundai Motor Group, made the comment in response to a report in Japan's Nikkei business daily on Monday that Hyundai was in talks with the two firms to help it build a 5.24 trillion won ($5.58 billion) mill.

The South Korean firm has been seeking a foreign partnership for assistance to build the 7 million tonnes a year mill, planned to feed steel to its parent Hyundai Motor Co.

The Nikkei report on a possible alliance, which would mark further consolidation in the global steel industry, sent shares in JFE and Hyundai Steel higher.

Link to full story: - MSN Money

No comments: