Hyundai Steel, South Korea’s second-largest steelmaker, sold over 1 mln tons of automotive steel sheets to non-affiliated foreign automakers in 2024, marking a significant milestone, Ked Global reported.
The company, part of Hyundai Motor Group, sold 20pct of its 5 mln-ton automotive steel production to non-captive customers, a notable increase from previous years: 16pct in 2021, 17pct in 2022, and 18pct in 2023.
Hyundai Steel aims to expand its non-affiliate auto steel sales to 40pct, or 2 mln tons, and become one of the top three global suppliers. It currently supplies auto steel to 25 global automakers, including General Motors, Ford, and Renault.
The company is reducing its reliance on affiliates Hyundai Motor and Kia and plans to build overseas facilities to expand production. In line with this, it is exploring the possibility of constructing a steel mill in New Orleans to counter protectionist policies.
Hyundai Steel also plans to produce low-carbon auto steel sheets starting in 2025, meeting growing demand from automakers seeking to reduce carbon emissions. Additionally, it is upgrading its facilities to produce third-generation steel sheets by year-end, offering stronger and more formable materials for vehicle manufacturing.
