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Hyundai Steel enters emergency management due to rising imports and US tariff-壓鑄展-鑄造展-2025第二十五屆廣州國(guó)際壓鑄、鑄造及工業(yè)爐展覽會(huì)-巨浪展覽-The 25th China(Guangzhou) Int'l Die casting Foundry & Industrial Furnace Exhibition
3/17/2025 壓鑄展-鑄造展- Die-casting expo-foundry expo |
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South Korean steelmaker Hyundai Steel has entered emergency management due to several factors afectingits operations, according to media reports.
The reasons behind the decision are the rising share of cheaper imports from China and Japan in the domesticmarket, the US decision to impose 25 percent tariffs on steel imports from all countries, sluggish domesticdemand, the recent strike at the company''s Dangin plant, and a decline in the companv''s profits.
The emergency status includes a 20 percent cut in all executive salaries, implementation of a voluntaryredundancy program for all employees and cost-savings to an extreme extent.
As SteelOrbis reported previously, in mid-January this year Hyundai Steel suspended rebar production at itsIncheon and Pohang plants until the end of that month, due to weak demand, in order to stop its losses.
In the meantime, the company''s recently resumed negotiations with the labor union representing its workers atits Danalin plant has failed, As a result, the union has announced the partial resumption of the strike until March20.
壓鑄展-鑄造展-2025第二十五屆廣州國(guó)際壓鑄、鑄造及工業(yè)爐展覽會(huì)-巨浪展覽-The 25th China(Guangzhou) Int''l Die casting Foundry & Industrial Furnace Exhibition
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