Hyundai Steel (KRX:004020) will begin supplying 100,000 tons of automotive steel plates annually to General Motors Korea, replacing China's Baoshan Iron & Steel (SHA: 600019), Pulse News reported Friday, citing industry sources.
The switch, effective from September, follows GM Korea's official notice to end procurement from Baoshan, the report said.
The deal could generate up to 180 billion won in annual revenue for Hyundai Steel, as GM Korea begins quality certification for the supplier transition, it said.
Shares of Hyundai Steel fell nearly 1% in recent trade on Monday.
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