Reports indicate that Hyundai Heavy Industries Co. has reached a preliminary agreement to buy a stake in China’s Qinhuangdao Shouqin Metal Materials Co.
Qinhuangdao Shouqin is a steelmaking unit jointly owned by China’s Shougang Concord International Enterprises Co. and Shougang Corp.
Hyundai Heavy inked a letter of intent to buy shares in Qinhuangdao Shouqin to secure cheaper steel plates, the South Korean company said.