Hyundai Steel appoints former Posco CEO as President

Hyundai Motor Group has hired former Posco CEO An Dong-il as president of R&D and technology development at Hyundai Steel, its steel subsidiary.

The country's second largest steelmaker selects an executive from a competitor to Posco, Korea's largest steelmaker.

Ahn previously served as manager of Posco's large steel mills in Gwangyang, South Jeolla, and Pohang, North Gyeongsang. He is recognized as one of the leading experts in steel making and manufacturing, Hyundai Motor Group said in a statement.

In a new role - recently created at Hyundai Steel - he will be responsible for improving the competitiveness of manufacturing technology, R&D and product quality at Hyundai Steel's Tanjin, South Chuncheon plant.

“The steel business is plagued by sluggish global demand, protectionist trade policies and fierce competition,” said a spokesman for the automotive group. “With the new assignment, we hope to overcome some of the challenging market conditions we face and improve the competitiveness of our business.”

Hyundai also said its steel subsidiary will seek to partner with rival Posco to improve the competitiveness of the Korean steel industry. According to industry sources, the main area of ​​cooperation will be to work together to overcome the threats of protectionist policies.