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Hyundai Construction Equipment bags big orders from Russia this month

Economy 11:13 November 26, 2021

By Nam Kwang-sik

SEOUL, Nov. 26 (Yonhap) -- Construction machinery maker Hyundai Construction Equipment said Friday it has obtained orders for 534 units of construction equipment from Russia this month.

The deals with unidentified Russian miners and builders include orders for 510 excavators, 15 wheel loaders and nine skid-steer loaders, Hyundai Construction Equipment said in an emailed statement.

The construction equipment will be delivered by the first quarter of next year and used at the construction sites and coal mines in Russia, the company said.

But Hyundai Construction Equipment did not reveal the value of the deals.

With the latest orders, sales of Hyundai Construction Equipment have risen nearly three times in the first 11 months of the year from a year earlier by selling about 1,500 units of construction equipment, including 21 125-ton excavators.

On the back of soaring coal prices, demand for construction equipment for mining has been showing explosive growth in Russia, increasing sales of over 25-ton excavators, Hyundai Construction Equipment said.

Shares in Hyundai Construction Equipment were trading at 40,300 won (US$33.8) as of 10:55 a.m., up 0.51 percent from the previous session.

This photo provided by Hyundai Construction Equipment Co. on Nov. 26, 2021, shows a 34-ton excavator made by the company. (PHOTO NOT FOR SALE) (Yonhap)

ksnam@yna.co.kr
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