Hyundai Motor Group to invest W12 tr in 2011

Chung Mong-koo, chairman of Hyundai Motor Group, said Wednesday his company plans to invest about 12 trillion won ($ 10.64 billion) this year, up 15 percent from last year.

The nation‘s second-largest conglomerate also plans to employ “a large number of staff” this year when its steel-making unit, Hyundai Steel, is set to complete its third blast furnace, Chung said in a New Year meeting of financial figures and officials.

Last year, Hyundai Motor invested 10.5 trillion won and hired some 6,000 new workers.

The chairman did not give details of the investment and employment plans, but the group is forecast to employ a record number befitting its best-ever business results last year.

The completion of the third blast furnace with an annual production capacity of 12 million tons is expected to help double the steelmaker’s supply of automobile steel sheets for Hyundai‘s other affiliates -- Hyundai Motor Co. and Kia Motors Corp. -- to 2.3 million tons.