South Korean steelmaking company, Hyundai Steel would ramp up the production of high-strength steel materials to get an edge in the global automobile market, stated the company on June 30, according to media reports.
In 2020, the company targets to supply 1mn mt of steel plates to leading car makers across the globe. In 2019, the company developed 218 types of ultra-high strength steel and received certificates from global carmakers for 167 car parts. Hyundai Steel plans to add 99 more and obtain quality certifications from European and Chinese carmakers to improve its competitiveness, globally.
Hyundai Steel is focused on developing high strength lighter steel products to cater to the growing demand for lightweight cars.