Hyosung Sells Steel Cord Production

South Korean Hyosung is selling its steel cord production, which should enable the company to reduce its debt and finance new projects. The main bidders for the acquisition of assets are investment firms Stick Investment and JKL Partners, and the deal is expected to exceed $680 million.

Hyosung is one of the world's leading producers of steel cord, and Business Korea notes that the company's assets have attracted significant interest. The list of potential buyers previously included Chinese investment firms as well as steel companies that would like to gain new export routes to the US market due to the tariffs imposed by US President Donald Trump.

Currently, Hyosung ranks first in terms of steel cord supplies in North America and third in Europe. Meanwhile, the company's debt-to-equity ratio stood at 230% at the end of last year.

In 1968, Hyosung became the first company to manufacture tire cord in South Korea.