Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Hysco Says Report on Merger With Hyundai Steel ‘Groundless’

Don't Miss Out —
Follow us on:

May 22 (Bloomberg) -- 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.

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