The invention of steel was a breakthrough in the advancement of civilization. Similarly, in producing steel for the nation, Hyundai Steel made important contributions to the economic development of Korea.
Since its inception in 1953, Hyundai Steel has grown as a leader in the long steel business, contributing to the growth and development of the construction and building industry, both domestically and overseas.
Furthermore, the blowing-in of a new blast furnace in 2010 has added high-end flat steel to the company's product portfolio, giving a balance between long steel and flat steel to our range of product offerings. Thus, our history, our leadership in long steel and our newly balanced product portfolio are the foundation of Hyundai Steel's continuing efforts to become a leading global steel maker.
Hyundai Steel's Dangjin Works began operations in 2010 as an integrated steel mill with two blast furnaces capable of producing eight million tons of hot metal per year. Dangjin Works, an eco-friendly steelworks with an enclosed raw materials processing system-a first in the world, is recognized as a model for the world's steel makers.
As a supplier to carmaker affiliates of the Hyundai Motor Group, Hyundai Steel holds the key to the quality competitiveness of such affiliates, while playing a pivotal role in maximizing synergies among the affiliates. Through tireless efforts to create innovation, Hyundai Steel outperformed market expectations in 2010, realizing an early normalization of the integrated steel mill's operations and higher profitability therein.
Going forward, Hyundai Steel will continue to make creative changes and will remain undaunted by challenges as the company seeks to become a leading global steelmaker.