Local producer eyes Korea's Hanbo.
Inchon Iron and Steel, which has changed its name to INI Steel, is interested in taking over South Korean EAF mill Hanbo Steel.
INI's announcement followed a local news report stating that four to five companies, including INI Steel, Dong Kuk Steel Mill, and foreign investors are interested
Some market experts speculated that INI Steel's move reflects its parent Hyundai Motor's longstanding goal of securing its own steel mill.
The motor company has had trouble securing steel sheets used for car manufacturing because Posco refused to supply hot-rolled coils to its subsidiary, Hyundai Hysco.
The sale of Hanbo Steel, which has thin slab casters and unfinished Corex units, stalled after the US-based Nabor Consortium pulled out of its takeover bid.
The Korea Asset Management Corp (KAMCO) and other creditors are planning to wrap up the sale before October.
In addition, make sure to read these articles:
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- Korea extends Russian tariffs. (Asia).
- Kamco to complete Hanbo Steel sale. (Asia).
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- S&P Affirms Ratings on Korea; Outlook StillPositive.
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- CORRECT: Hanil Bank on CreditWatch Negative: Addsrating table at bottom.
- Fresh start for Posco leaves sour taste. (Asia).
- Cause and effect: construction collapses in Southeast Asia.
- Korea is ready to welcome the world's foundrymen. (Conference Preview).
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