The Korea Times
HS Hyosung Advanced Materials has dismissed concerns over fundraising for its battery materials joint venture with Belgium-based Umicore following the withdrawal of its plan to sell its steel cord business to Bain Capital. The Korean firm emphasized that booming carbon fiber and aramid yarn markets have enabled it to secure sufficient funds for new ventures. “Carbon fiber and aramid yarn are used in the energy, defense, aviation and space industries,” a company spokesperson said Monday. “We have also seen rising revenue from mobility materials used for airbags and car interiors.” The company also claimed steady growth in demand for steel cord, which strengthens tires to withstand the heavier weights of electric vehicles. “Given the recent tensions in the Middle East, we viewed the sale of our steel cord business as a potential risk to the stability of supply chains for our global partners,” it said Friday, confirming the withdrawal and denying any plan to revive the deal. Since January last year, HS Hyosung Advanced Materials had sought to sell its steel cord business for abou
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