On July 17, Hyundai Steel signed a license agreement for the use of a hot stamping process originally patented by Arcelor Mittal.
The agreement allows Hyundai Steel to use the patented hot stamping technique to actively conduct manufacturing and sales activities in Korea, China, and ASEAN member nations without limitations or fear of patent violations. The agreement is expected to help Hyundai Steel increase its sales activities for related materials and parts. Hyundai Steel currently operates 22 hot stamping lines at its Yesan plant in Chungcheongnam-do Province and two hot stamping lines at its Ulsan factory, and is planning on opening two hot stamping facilities at its branch in the Czech Republic later this year. Hyundai Steel is also planning additional installations and expects the recently signed agreement to lay the foundation for hot stamping sales in the global market.
