Metalloinvest and Hyundai Steel signed Memorandum of understanding

Metalloinvest Management Company CEO Maxim Gubiev and Hyundai Steel (steel division of Hyundai Group) CEO Mr. Seung-Ha Park signed Memorandum of understanding.

Memorandum stipulates strengthening and extending future cooperation between two companies and switching from customer-supplier relations to a strategic partnership. Both parties achieved a preliminary agreement on increasing supply rate and expanding the range of iron ore products delivered to Hyundai Steel from Metalloinvest plants.   

Currently Metalloinvest supplies Hyundai Steel with hot briquetted iron produced at Lebedinsky GOK. The first shipment of 12 thousand tn was accomplished in December, 2006 and since October, 2007 the delivery has been made on monthly basis. 

Hyundai Steel previously called INI Steel was founded in 1953 and nowadays it is the leading steelmaker in Korea. Hyundai Steel is a multibusiness company with a wide range of steel products.