Hyundai Steel (004020) is joining forces with Hyundai Engineering & Construction (000720) to strengthen competitiveness by expanding the steel market for offshore wind power.
Hyundai Steel announced on the 15th that it signed a "Business Agreement for Joint Development of Proprietary Floating Offshore Wind Model" with Hyundai E&C at the Hyundai Steel Training Center in Dangjin on the 13th.
The signing ceremony was attended by Hyundai Steel's R&D Division Head Jung Yu-dong and Hyundai E&C's Technology Development Institute Director Kim Jae-young. The two companies agreed to jointly pursue the development of a proprietary hybrid floating platform combining steel and concrete, as well as obtaining Approval in Principle (AIP) certification from Norwegian classification society DNV by 2027.
Floating offshore wind power generates electricity by placing floating structures on the sea surface without fixing them to the seabed. This method enables installation in deep waters far from shore, facilitating the creation of large-scale offshore wind farms. The technology is regarded as a central pillar of next-generation offshore wind market expansion due to its high power generation efficiency utilizing abundant wind resources.
The hybrid floating platform the two companies plan to develop combines Hyundai Steel's high-strength, corrosion-resistant steel products—including rebar and heavy plates specialized for marine environments—with concrete, offering advantages in both durability and cost-effectiveness.
Hyundai Steel has launched joint research combining its high-performance steel technology with Hyundai E&C's offshore construction capabilities to gain competitiveness in the next-generation offshore wind market. The company is already materializing its commercialization roadmap, having filed joint patents related to the proprietary model.
Hyundai Steel plans to obtain AIP certification—a key requirement for commercializing the floating platform business—by 2027 to enhance project economics and expand profitability by securing leadership in steel supply.
"Through synergy with Hyundai E&C, we will successfully develop the proprietary model and expand our market share in the offshore wind sector based on our experience and technology in supplying steel for domestic and international offshore wind projects," a Hyundai Steel official said.
