Hyundai Motor Group chairman Chung Mong-koo will not seek a new term as in-house director of Hyundai Steel in a move to put more resources into the automotive business. He also intends to make room for his son Eui-sun, the group's vice chairman and one of the four in-house directors at Hyundai Steel since 2012. At a planned shareholders' meeting on March 14, 2014, Hyundai Steel will discuss appointing the company's chief financial officer Kang Hak-seo as a new in-house director instead of as group chairman, the three-year term for which expires next month.