Hyosung to invest 110 million US dollars in China
The Hyosung Corporation has announced that it plans to invest 110 million US dollars in building a steel cord plant with annual production capacity of 33,600 tons in Qingdao, China. The joint venture with the Qingdao administration will be named Hyosung Steel Cord Qingdao.
The company is planning to inject an initial 50 million US dollars by September next year to produce 16,800 tons of steel cord annually. The investment is being driven by the growing demand by Chinese tyre manufacturers and the country’s expanding auto market.
“When the new plant is completed, Hyosung’s steel cord business will expand to make up 7 percent of the global market and 10 percent of the mainland Chinese market,” the company explained.