Hyundai Motor Group on Monday announced a new investment plan worth 1.12 trillion won ($1 billion) as part of its efforts to elevate its competitiveness in next-generation automotive material development. The Korean auto giant, which owns the Hyundai and Kia brands, said it would build two factories that produce specialty steel and high-quality iron powder ― the two key materials used in vehicle engines and transmissions.
The latest investment plan, the carmaker said, comes as a growing number of global automotive companies are teaming up with auto parts manufacturers with an aim to secure their competitive edge in the market.
Hyundai Steel, the second-largest Korean steelmaker and a Hyundai affiliate, plans to complete the construction work of the specialty steel plant by September near its Dangjin steel mill in South Chungcheong Province. Its production is scheduled to start in the latter half of this year, with an annual output nearing 1 million tons.
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