September 08, 2008

Hyundai China to increase use of local steel

It is reported that Beijing Hyundai Motor Co, the Chinese unit of Hyundai Motor Co, plans to increase the use of Chinese steel in its auto production.

Mr Noh Jae-Man president of Beijing Hyundai Motor Co told reporters ahead of the Beijing Auto Show that "We will use as much steel as possible if it is cheap and good quality. He said we will not use Baosteel product because it is too expensive. We are testing product from other steel makers such as Wuhan and Anshan."

He said the China unit is confident of meeting its 2008 sales target.

Beijing Hyundai currently uses Hyundai Hysco, the steel unit of Hyundai Motor Group, to buy most of its steel from POSCO and JFE Holdings.