Hyundai Heavy to Buy Qinhuangdao Firm Stake
January 6, 2006
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.
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