Hyundai Explores Possibility of Steel Plant in India
It may be in an extremely preliminary stage, but South Korean steelmaker Hyundai seems keen on setting up a steel plant in India.
A team from the Hyundai group visited Visakhapatnam in South India, where the steel plant of Rashtriya Ispat Nigam Ltd (RINL) is located, and spoke of looking at the possibility of setting up a steel plant in partnership with the public sector company.
The media quoted P.K. Rath, chairman and managing director of RINL, acknowledging the visit in October, saying the South Korean major was indeed interested in a joint venture (JV).
Rath told media that Hyundai was contemplating setting up a flat steel plant, especially since RINL was already producing long products. Though too early in the day, the plant could have an annual capacity of 3 million tons. Flat steel products like sheets are used in automobiles and consumer durables.
In addition to Hyundai Steel, the Hyundai-Kia Motor Group has steel companies, like the Hyundai Special Steel and BNG Steel Co., Ltd. Specifically, in India, Hyundai has a steel service center under Hyundai Steel India Private Limited (HSIPL), which caters to the steel requirements of Hyundai Motors India Limited.