South Korean steelmaker Hyundai Steel planned to resume steel operations in Russia after shutting down its plants there for nearly two years following the Russia-Ukraine war.
The incidents also led the company to sell the factories of its automotive subsidiary, Hyundai Motor Co., to local companies. Russia's AGR Auto Group, a unit of Art-Finance LLC, bought the Hyundai Motor plant for a nominal fee of US$100 last year. It started operations under different brands and is currently producing a variety of car models using on-site inventory. However, when the stock is depleted, the company will need more sheet metal in the future, and Hyundai Steel is expected to fill the gap.
In addition, auto parts producer Hyundai Wia Corp. is also said to have received an order from AGR Automotive, but its factory remains closed and has not yet decided whether to reopen.
Source: YIEH
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