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Saturday, June 28, 2008

Hyundai Steel Company raised price and Hyundai Mipo Dockyar Co. Ltd won orders

In the face of the rising price of raw materials, South Korea’s second largest steel maker, Hyundai Steel Company (SEO:004020) is going to raise the price of its rolled steel coils by 10.9%. Hyundai Steel said that due to price rise of scrap iron, pig iron, and Russian and Chinese slabs, the company is raising its product prices. From 1 July 2008, a tonne of rolled steel will cost 1,020,000 KRW. This is the fifth time the company raised its product prices this year.

On the other hand, Hyundai Mipo Dockyard Co. Ltd. (SEO:010620) received orders worth $292 million from the Middle East for seven bulk carriers. The order comes as the demand of carriers to move commodities from one place to another is increasing day by day. In a regulatory filing, without naming the buyer, Hyundai Mipo said that the carriers will be finished by the end of May 2012.

From August, Hyundai Mipo is going to start building ships at its ship repair venture in Vietnam. The company has been repairing ships under a partnership with Vietnam Shipbuilding Industry Group since April 1999.

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