Hyundai Steel, the second-largest steel producer in South Korea, decided to establish a steel pipe subsidiary to improve its competitiveness by streamlining the business portfolio. The proposal has been approved by the board of directors, and it was required to complete the establishment of the proposed subsidiary before the end of this year.

Hyundai Steel is currently operating a steel pipe plant with an annual production capacity of 1.11 million tons at the Port of Ulsan.

The company said it will strive to develop the independent steel pipe division into a national first-class enterprise and a global company specializing in pipe production for environmentally friendly energy projects.