HS Hyosung Advanced Materials announced on the 24th that it is reviewing various strategic options, including the sale of its tire steel cord division.
This is a clarification announcement following reports that HS Hyosung Advanced Materials is pursuing a plan to divest its tire steel cord division. However, the company noted that "no specific decisions have been made as of now."
Steel cord is a reinforcement material that enhances the durability and shape stability of tires, and it is considered a core institutional sector of HS Hyosung Advanced Materials. As of 2023, it recorded revenues of 860 billion won and earnings before interest, taxes, depreciation, and amortization (EBITDA) of 140 billion won.
Meanwhile, the largest shareholder of HS Hyosung Advanced Materials is HS Hyosung, led by Vice Chairman Cho Hyun-sang, the third son of the late Cho Suck-rai, holding a 23.33% equity stake. HS Hyosung was established as a separate entity from Hyosung Group in July of last year.