Hyundai Steel and TNG sign historic agreement

Hyundai Steel and TNG have signed an important agreement that includes potential investment and strategic partnerships in the production of steel products and the financing of a world-class vanadium project.

Hyundai Steel, Ltd, a leading Korean manufacturer based on a global steel company and part of the Hyundai-Kia Automotive Group and Ferro-Vanadium WOOJIN, has signed a Memorandum of Understanding with Australian mining company TNG. Hyundai Steel owns one of the world's largest electric arc furnaces (EAFs) and has three new blast furnaces. In doing so, the company became part of a global industrial conglomerate.

The memorandum includes strategic cooperation and investment in the extraction of resources for the Peak Mountain TNG project. The project is located 235 km northwest of Alice Springs in the highly promising region of the Northern Territory province. The cooperation envisions other TNG resource projects.

Hyundai Steel will also assist TNG by providing project finance for the development of the Vanadium project in the Northern Territory. A memorandum and binding agreements are currently being discussed to ensure TNG's development as a major strategic source of metals.

The Australian company says that the signing of a large-scale memorandum of understanding with steel giant Hyundai Steel LLC will potentially pave the way for the company's successful development by providing funds, construction machinery and equipment for its Mount Peak Vanadium-Titanium-Iron project, located next to existing capacity and transportation. infrastructure.