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
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.