Hyundai Steel, a top-tier integrated steel maker, has announced a blueprint for an “enterprise dedicated to creating values based on integrated materials.” The Company hosted a ceremony to declare a new corporate vision, “Engineering the Future beyond Steel” at its Seoul headquarters on July 14. The ceremony was attended by some 100 Company officials including Vice Chairman Yoo-Cheol Woo.
The new vision manifests the corporate identity of Hyundai Steel which has played a leading role in the development of key industries for the past 60 years as Korea’s first steel-making company. The vision also reflects the Company’s strong will to evolve into an “enterprise dedicated to creation of values based on integrated materials.”
The Company will remain committed to building a new future together with customers, suppliers, local communities and other stakeholders by creating new levels of values which exceed expectations of customers.
Vice Chairman Woo, in his congratulatory speech, said: “The new corporate vision reflects our will to build new differentiated values that nobody had ever dared to create. We should change and innovate ourselves in order to fulfill our vision and build a new future.”
In addition to the new vision, Hyundai Steel made public long-term growth plans. Plans calls for recording 26 trillion won in operating revenues by 2020 and 31 trillion won by 2025. “We hope to emerge as a global corporation with realization of these sales goals,” said a press statement released by the Company.
The 26 trillion-won sales targeted for 2020 include 1.5 trillion won in special steel; 2.5 trillion won in the expansion of overseas production facilities and SSC segments; 1 trillion won in lighter cars and 1.5 trillion won in the expansion of new products and markets. The remaining sales target will be satisfied from the diversification of ERW pipes and enhanced efficiencies of forging segments.
Moreover, the Company will broaden its concept of products to include engineering and services. Aiming to develop into a global corporation with sales of 31 trillion won by 2025, the Company plans to broaden the range of its materials, which is now limited to steel products, to the nonferrous and nonferrous metal segments.
Determined to realize its vision, Hyundai Steel, a subsidiary of the Hyundai Motors Group, presented put forth strategic plans?Application Engineering, Open System and Smart Platform.
Application engineering which signifies the Company’s business strategy, calls for intensifying business partners’ competition in all processes ranging from product planning, design and production to sales. Hyundai Steel intends to extend the “models of collaborations” with its business partners to the construction, shipbuilding and energy segments from the existing automobile sector.
Toward this end, a “Smart Platform” will be explored. It will call for sharing information among members of the Company and its partners anytime. By taking advantage of this platform, Hyundai Steel will put in place an “Open System,” an advanced management infrastructure which will enable the Company to build a corporate culture of mutual cooperation and win-win successes.
“Based on the values of newly created materials and services, we will seek to fulfill our vision,” said one company official. “Through ‘Engineering the Future beyond Steel’ we are committed to realizing another leap forward.”