SEOUL, KOREA - Overseas steel processing centers of Hyundai Hysco are growing in a brisk clip. The company said on December 9 that the sales revenue of its steel processing centers located overseas is forecast to grow 10.4 percent to US$3,019 million from last year.
The sales revenue for the nine-month period until September this year has been $2,264 million, up 14 percent from the same period last year.
Steel processing centers buy steel from Hyundai Hysco and sells it to customers after cutting to a size or shape specified by them. Beginning with the opening of processing centers in Alabama and Beijing in 2003, the company has opened a total of 11 locations including Brazil, India, Russia, and Turkey. These centers are producing steel sheets equivalent to 4 million cars a year.
A Hyundai Hysco official said, "Steel processing centers were not part of the deal last month to divest the cold-rolled plate unit to Hyundai Steel. We expect overseas processing centers will see healthy growth in parallel with overseas sales growth of Hyundai Motor and Kia Motors." The company plans to open additional five processing center locations by 2018 where auto steel demand is on the rise.
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