Hysco Says Report on Merger With Hyundai Steel ‘Groundless’

Hyundai Hysco Co., South Korea’s fourth-biggest steelmaker, denied a local newspaper report that said the company may be merged with Hyundai Steel Co. (004020)

Hyundai Motor Group is reviewing merging Hyundai Steel and Hyundai Hysco, the Hankook Ilbo reported, citing industry officials it didn’t identify. The report is “groundless,” Hyundai Hysco spokesman Kim Byung Kyu said by telephone.

Hyundai Hysco’s shares were up 1.5 percent at 36,200 won as of 11:01 a.m. in Seoul trading, paring earlier gains of as much as 7 percent. The benchmark Kospi index added 1.1 percent. Hyundai Steel increased 0.8 percent.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net; Saeromi Shin in Seoul at sshin15@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net

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