KG Steel

KG Steel Co., Ltd. (Korean: KG스틸 주식회사) is a South Korean multinational corporation that produces steel-related and cold-rolled products.

KG Steel Co., Ltd.
Native name
KG스틸 주식회사
FormerlyDongbu Steel
(1985-2020)
KG Dongbu Steel
(2020-2022)
TypePublic
KRX: 016380
IndustrySteel
FoundedOctober 27, 1982 (1982-10-27)
Headquarters
Seoul
,
South Korea
Key people
Park Sung-hee (CEO)
ProductsSteel Cold-Rolled, steel sheet, steel and iron coating
ParentKG Group
Websitewww.kg-steel.co.kr

History

In 2013, the Korea Development Bank attempted to restructure the Dongbu Group, but its attempts resulting in slumping business.[1] Dongbu Steel reached an agreement with creditors to undergo a debt workout program.[2] Creditors tried to support Dongbu Steel with a variety of measures such as 600 billion won in support.[3] The creditors then attempted to sell Dongbu Steel, but had trouble finding bidders.[4] Dongbu Steel then sold off an electric furnace used for steel production.[5] In May 2016, Dongbu Steel was taken off sale.[6] In 2019, the company was acquired by a consortium led by KG Group companies and Cactus Private Equity.[7]

References
  1. Herh, Michael. "Troubled Companies Put KDB under Great Strain". Business Korea. Retrieved 6 June 2017.
  2. "Dongbu Steel, creditors agree on recovery plan". english.yonhapnews.co.kr. Yonhap News Agency. June 30, 2014. Retrieved 6 June 2017.
  3. "Dongbu affiliate seeks receivership". Korea JoongAng Daily. October 2, 2014. Retrieved 6 June 2017.
  4. Lee, Hyo-sik (25 January 2016). "Sale of Dongbu Steel in limbo". The Korea Times. Retrieved 6 June 2017.
  5. Chun, Beom-joo; Chung, Seok-woo. "S. Korea's Dongbu Steel creditors opt to sell off Dangjin plant's hot-rolled steel electric furnace to Iran - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 6 June 2017.
  6. Kim, Yoon-mi (18 May 2016). "[Market Now] Dongbu Steel not for sale anymore". The Korea Herald. Retrieved 6 June 2017.
  7. Kang, Gye-man; Lee, Ha-yeon (16 June 2019). "Dongbu Steel bolsters capital under new owner and debt relief". Maeil Business News Korea. Retrieved 15 September 2019.
  • Official website
  • Business data for KG Steel:
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