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Hyundai Steel to sell headquarters building amid virus woes

All News 17:34 April 09, 2020

SEOUL, April 9 (Yonhap) -- Hyundai Steel Co., South Korea's second-biggest steelmaker by output, said Thursday that it will sell its headquarters building in Seoul to secure cash amid the growing impact of the new coronavirus.

The company said it has selected a lead manager for the sale, without providing details, including the selling price.

Hyundai Steel has recently closed its service centers in the United States, Mexico, Brazil, India and other countries due to the spread of COVID-19.

This file photo shows the main gate of Hyundai Steel Co.'s plant in Dangjin, about 120 kilometers south of Seoul. (Yonhap)

Hyundai Steel is a key affiliate of South Korea's Hyundai Motor Group.

Hyundai Steel swung to a loss in the fourth quarter from a year earlier due mainly to higher raw material costs.

Net losses for the October-December quarter came to 73.7 billion won (US$60.5 million), compared with a net profit of 79.1 billion won a year earlier.


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