Hyosung launches strategic review of steel tire cord business

Seoul – Hyosung Advanced Materials Corp. (HAMC) is considering the sale of its steel tire cord business, valued at KRW1.5 trillion (€1 billion), the Korean group has announced.

The Seoul-based group is “reviewing various strategic plans, according to a 24 Jan filing to stock exchange authorities. 

Options, it stated, include a "sale, strategic alliance and investment attraction for the tire steel cord business division.”

However, no specific decisions have been made as of now, emphasised the Korean manufacturer.

HAMC produces steel-, polyamide- and polyester-based tire reinforcement products at facilities in Korea, China, the US, Vietnam and Europe.

Hyosung says it is the world's largest supplier of ultra-tensile (UT) steel cord, which is in growing demand as a reinforcement for lightweight tires in the EV market.

Over recent years, the group has substantially focused on developing its polyester tire cord business, for which it also claims to be the world’s No. 1 supplier.

Polyester is also key to HAMC's sustainability efforts – as evidenced by its development and supply of recycled PET reinforcement for Hankook's iON tires. (ERJ report)