Shares of Hyundai Steel Co., South Korea's No. 2 steelmaker, were trading at a 4-month high on Tuesday on expectations that the stronger Korean won would reduce costs of raw materials and demand from shipbuilders and automakers would remain stable.
Hyundai Steel was quoted at 73,800 won (US$73) on the Seoul bourse as of 10:25 a.m., up 0.27 percent from Monday's close. The steelmaker has been on a steady rise since early this month as investors bet the firmer won would help it reduce costs of raw materials and have little impact on its outbound shipments. For the past two weeks, Hyundai Steel has gained some 10 percent.