[Edaily Reporter Hyera Lee ] SY STEEL TECH, Inc.(365330)announced on the 1st that it has signed a supply contract worth 12.964 billion won with The Hyundai Gwangju Co., Ltd. for the construction of The Hyundai Gwangju. The contract value represents 13.31% of the company’s consolidated revenue for last year. The contract period runs from today through May 21, 2029.
The company stated, “In accordance with the spirit of the ‘Gwangju Metropolitan City Ordinance on the Promotion of the Local Construction Industry,’ we plan to establish a new local subsidiary in Gwangju, wholly owned by our company, and subsequently enter into an amendment to the contract to comprehensively transfer our contractual status to that subsidiary.”
The company stated, “In accordance with the spirit of the ‘Gwangju Metropolitan City Ordinance on the Promotion of the Local Construction Industry,’ we plan to establish a new local subsidiary in Gwangju, wholly owned by our company, and subsequently enter into an amendment to the contract to comprehensively transfer our contractual status to that subsidiary.”
