Corporate Overview

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2010~2020 contents

2010~2020

Becoming a Globally Competitive Steelmaker
Followed by blow-in ceremony of Blast Furnace No. 1 in January 2010 which came 40 months after the start of the construction of the Integrated Steelworks, Blast Furnace No. 2 was fired up in November of the same year. With the completion of Blast Furnace No. 3 in September, 2013, HYUNDAI STEEL became Korea's first privately funded integrated steelworks. Three blast furnaces with annual production capacity of 12 million tons enable the company to manufacture different types of steel products such as hot-rolled coil and heavy plate. Then, Hyundai Steel kept on its journey to becoming a globally competitive steelmaker which specializes in top-tier automotive materials launching Special Steel Plant at Dangjin Works in 2014 in addition to merging with Cold-Rolling Division of Hyundai Hysco in 2013.
  • Completion of Special Steel Mills Oct. 1, 2015
  • Declaration of a New Vision Jul. 15, 2015
  • Merger with Hyundai Hysco Jul. 1, 2015
  • Ground breaking ceremony for Special Steel Mills Aug. 4, 2014
  • Merged with Hyundai Hysco's
    Cold Rolled Steel Division     Dec. 31, 2013
  • Blow-in ceremony for Blast Furnace No. 3 Sep. 13, 2013
  • Ground breaking ceremony for Blast Furnace No. 3 Apr. 12, 2011
  • Blow-in ceremony for Blast Furnace No. 2 Nov. 23, 2010
  • Opening ceremony for Integrated Steelworks Apr. 8, 2010
  • Blow-in ceremony for Blast Furnace No. 1 Jan. 5, 2010
  • <2010 Blow-in ceremony for Blast Furnace No. 2>
  • <2014 Ground breaking ceremony for Special Steel Plant>
  • <2013 General shareholders' meeting on the merger with Hyundai Hysco>
  • <2013 First tapping for Blast Furnace No. 3>
  • <2010 Blow-in ceremony for Blast Furnace No. 1>
2004~2009 contents

2004~2009

Building Up a Basis for Growth as a Comprehensive Steel Company
In just seven months after acquiring Hanbo Steel in 2004, INI Steel successfully made the commercial production of hot-rolled coils. The early normalization of hot rolling mills enabled the company to launch the construction of Korea’s very first and privatized integrated steelworks. The company made a public commitment to grow into a comprehensive steelmaker by changing its name to Hyundai Steel in 2006 and holding the ground breaking ceremony for Dangjin Integrated Steelworks in the same year.
  • Launched the world's first fully enclosed raw material
    processing system     Sep. 2, 2009
  • Ground breaking ceremony for Dangjin Integrated
    Steelworks     Oct. 27, 2006
  • Renamed as Hyundai Steel Company Mar. 10, 2006
  • Commenced operation of Hot-Rolling Mills A May. 2, 2005
  • M&A with Hanbo Steel Co., Ltd. Oct. 12, 2004
  • <Fully Enclosed Raw Material Storage Facility>
  • <2006 Ground breaking ceremony for Dangjin Integrated Steelworks>
  • <2006 Renamed as Hyundai Steel Company>
  • <2004 M&A with Hanbo Steel Co., Ltd.>
2000~2003 contents

2000~2003

Transition and a Second New Chapter
In spite of continued financial crisis, Incheon Steel merged with Kangwon Industries and Sammi Specialty Steel Company, which enabled the company to reach the production capacity nearing eight million tons. Taking up more than 35% of domestic EAF market, the company quickly became the second largest electric arc furnace producer in the world. The acquisition of Sammi Specialty Steel Company also opened a new door for stainless steel production capacity of 250,000 tons a year. Achieving exponential growth, Incheon Steel joined Hyundai Motors Group in 2001. The company then changed its name to INI Steel Company and declared the initiation of the new chapter.
  • Changed its company name to INI Steel Jul. 27, 2001
  • Hyundai Motor Group launched Apr. 2, 2001
  • Acquired Sammi Specialty Steel Company Dec. 5, 2000
  • Merged with Kangwon Industries Mar. 15, 2000
  • <Chairman Chung Mong-Koo of Hyundai Motor Group>
  • <2000 Merged with Sammi Specialty Steel Company>
  • <2000 Merged with Kangwon Industries>
1978~1999 contents

1978~1999

Expansion Phase
As Korean government made a decision to privatize Incheon Steel in 1987, Hyundai Group stepped in to take over and revamped the management leadership to create a whole new vision and systems. The corporate overhaul enabled the company to greatly enhance technology which made it possible to successfully produce H-section beams for large-scale structures. Finally, Incheon Steel achieved the revenue of 1 trillion won in 1993 and laid the foundations for aggressive business operations in the midst of the financial crisis of 1997.
  • Qingdao Hyundai Machinery Co., Ltd. established Dec. 2, 1999
  • 120-ton electric steel plant and new mid-sized
    rolling mills completed     Mar. 20, 1998
  • Signed up as a regular member of International Steel
    Association     Oct. 4, 1992
  • Expansion of 120,000-ton stainless cold rolling mills
    Completed     Sep. 15, 1990
  • Initial public offering May. 23, 1987
  • Started operation of H-section plant Mar. 5, 1982
  • Incorporated into Hyundai Group Jun 22, 1978
  • <Participated in Hyundai Group's sports competition>
  • <1998 Opening ceremony for 120-ton steelmaking plant and new mid-sized rolling mill>
  • <1990 Completed stainless steel plant with annual production of 120,000 tons>
  • <1982 Opening ceremony for H-section manufacturing plant>
1953~1977 contents

1953~1977

Development Phase
Launched as Korea Heavy Industry Corporation on June 10, 1953, even before the Korean War was not concluded yet, the company managed to develop a series of plants such as steelmaking, bloom/mid-sized rolling mill, and thin plate rolling mill, and contributed to the nation’s recovery process after the war by providing steel materials for infrastructures. The company also first adopted the open recruitment policy in Korea and continued to reinforce the corporate standards and regulations. The company went through some transitional periods renaming itself as Incheon Heavy Industries on November 1962 and finally merging with Incheon Steel on April 1970.
  • Integrated as Incheon Steel Apr. 1, 1970
  • Incheon Steel Corporation (two-company system)
    Established     Sep. 1, 1964
  • Renamed as Incheon Heavy Industry Co., Ltd. Nov. 10, 1962
  • Korea Heavy Industry Corporation founded Jun. 10, 1953
  • <Panoramic view of Korea Heavy Industries in its early days>
  • <1968 Electric arc furnace plant completed>
  • <1962 Founding ceremony for Incheon Heavy Industries>
  • <1956 Blooming mill>