(MENAFN) ending the cross-shareholding arrangement among the partners, Hyundai Motor Co. and its affiliate KIA Motors Corp. have sold a joint 6.6 percent stake in Hyundai Steel Co.
South Korea's top automakers sold a total of 8.8 million shares; Hyundai Motor shed 5.74 million shares and KIA on the other hand got rid of 3.06 million shares they held in the steelmaker.
After the sale of stakes, Kia's holdings in Hyundai Steel deteriorated from 19.6 percent to 17.3 percent, while the number for Hyundai Motor stood at 6.9 percent from 11.2 percent.
Furthermore, Hyundai Steel is the world's second largest EAF steel producer, it produces a wide variety of products ranging from its high quality H-beams to reinforcing bars.
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