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a Hyundai Steel, the First and Sole Company Granted License to Use Hot Stamping Process in Korea
- Looking forward to the company's active marketing without fear of infringing the relevant process patent Hyundai Steel, first in Korea, has entered into a licensing agreement involving its aluminized boron press hardenable steel product and process. Hyundai Steel announced on July 17th, 2020 that it has signed a licensing agreement with ArcelorMittal, who has patents on hot stamping product and process. With the patent license agreement in place, Hyundai Steel is now able to accelerate the manufacturing and sales of hot stamping steels in Korea, China and ASEAN countries, free of the risk of patent infringement; furthermore, sales activities on related materials and parts are also expected to gain momentum. By signing this agreement, Hyundai Steel plans to expand its hot stamping automotive part business overseas and will appeal the merit of the hot stamping materials to the market in automotive parts business. Hyundai Steel currently runs one of the largest hot stamping sites in Korea, such as 22 lines in Yesan, Choongnam and 2 lines in Ulsan, producing automotive parts with the hot stamping process. In addition to 2 hot stamping lines to be placed in the Czech subsidiary by the end of this year, Hyundai Steel is planning on further expansion. In this regard, this patent license agreement will mark as a cornerstone on Hyundai Steel's hot stamping business towards the global market. Through execution of this licensing agreement, Hyundai Steel anticipates not only to significantly develop its sales of press hardenable steel materials and parts, but also to expand the high value auto parts market allowing win-win opportunities for its customers.