Hyundai Steel (004020.KS) has stepped forward as a problem solver to address chronic issues facing the construction industry, which has been suffering from a prolonged downturn.
Hyundai Steel announced Wednesday that it will hold the "3rd HCORE Solution Partnership Open Call" through June 30. The initiative, which began in 2023, is now in its third year.
While the first and second rounds focused on product development tasks, this round centers on resolving on-site issues in the construction industry. Through the open call, Hyundai Steel plans to work with its construction company customers to find ways to reduce construction costs, shorten project timelines, and improve construction and manufacturing efficiency.
The company will accept submissions on problems and challenges encountered at actual construction sites. The scope of the open call has also been significantly expanded beyond the existing architecture and civil engineering sectors to include structural engineering, interior design, cooling and air conditioning equipment, energy storage systems (ESS), and power infrastructure such as distribution and substation facilities.
Eligible participants include all companies that use steel products, as well as construction industry-related academic societies, associations, and research institutions that can propose solutions to on-site problems. Applicants can participate either independently or as part of a consortium.
The construction industry has been hit hard by the prolonged downturn compounded by the Middle East conflict, with mounting concerns over building material supply difficulties and rising prices. According to the Ministry of Land, Infrastructure and Transport (MOLIT), construction business closure filings reached 1,088 through March this year. This marks the first time since 2014 (1,208 cases) that first-quarter construction business closure filings have exceeded 1,000.
"Through this open call, we will support the entire process from idea generation to performance verification, patent registration, and commercialization to solve problems at construction industry sites, building a partnership of shared growth with our customers," a Hyundai Steel official said.
