Hyosung drops plan to sell steel tire cord business

Seoul – Hyosung Advanced Materials Corp. (HAMC) has scrapped plans to sell its steel tire cord business, citing market uncertainty and rising customer demand.

In a 3 April disclosure to the Korea Exchange, the company said it had been in discussions with Bain Capital Private Equity (Asia) LLC “to proceed with the sale of the tire steel cord business.”

However, Hyosung said, “uncertainty in the global economic environment has recently increased,” while customers have continued to request “stable supply” of products.

The Korean supplier added that demand for steel cord has “recently risen sharply.”

“Considering that steel cord is a core business of the company,” Hyosung said it has “notified Bain Capital Private Equity (Asia) LLC of the withdrawal from the sale of the steel cord business.”

The company added that it currently has “no plans to proceed with additional sale procedures” and will continue to operate as a key manufacturer in the segment.

The update follows a July 2025 disclosure in which Hyosung confirmed Bain Capital as “preferred bidder” for the business, with talks ongoing over a potential KRW 1.5 trillion (€1.0 billion) deal. (ERJ report)