HS Hyosung Advanced Materials’ sale of its tire steel cord business is delayed due to lower-than-expected bids from shortlisted bidders STIC Investments & JKL Partners. The company, advised by Samjong KPMG, initially targeted valuations up to ₩2 trillion ($1.44 billion) but now faces offers closer to ₩1 trillion ($720 million). The process also saw global bidders like Bain Capital & Chinese strategics withdraw, reflecting wider market caution. Despite challenges, Hyosung aims to close the deal in 2025.