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Hyundai Steel, the steel affiliate of Hyundai Motor Group, has decided to sell its Beijing entity, crushed by a net loss of over 100 billion won ($70 million) over the past five years, according to market watchers, Thursday. The rapid losses of Hyundai s China entity, Hyundai Beijing Steel Process, which marked a net loss of 49.6 billion won in 2021, was in line with the declining Chinese market presence of Hyundai Motor and its sister firm Kia, the major buyers of the steel affiliate s products.

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