After signing a 10-year long-term contract totaling $650 million with Michelin in July 2005, Tire & Industrial Reinforcements PU has been steadily providing steel cords to the company for the past five years and according to the clause on renewing the agreement five years since the original signing, Hyosung signed an MOU to renew its contract with Michelin on March 22. Industrial Materials PG President Cho Hyun-sang and Michelin’s Purchasing Director Laurent Bourrut signed the new contract at the Michelin head office which was followed by the two companies extending their business relationship and strategic partnership. Michelin, the largest tire manufacturer in the world, is one of the three largest customers for Hyosung and has been selected as the ‘Most respected company’ by Fortune magazine.
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