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[Alpha Biz=(Chicago) Reporter Paul Lee] Dongkuk Steel's cold-rolled plant (formerly Union Steel) will be reborn as an independent corporation.

Dongkuk Steel announced on the 14th that it held an extraordinary shareholders' meeting on the 12th and approved a personnel division agenda with the Gamman-dong plant as Dongguk CM and the Saha-gu Sinpyeong plant as Dongkuk Steel. The existing Dongkuk Steel Corporation shall be a surviving corporation, but the name of the corporation shall be changed to Dongguk Holdings.

Dongguk CM's executive director Park Sang-hoon was promoted to vice president and will be the CEO.

The new Dongkuk Steel appointed Vice President Choi Sam-young as a professional manager. The company decided to focus on facility investment, process development, and product portfolio expansion based on the medium and long-term eco-friendly growth strategy 'Stell for green’'.

The split date is the 1st of next month. The surviving corporation (Dongguk Holdings) and two new corporations (Dongguk CM and Dongkuk Steel Mill) will be listed and re-listed on the 16th of next month. Shareholders of existing companies are divided according to the ratio of shares in the surviving and newly established corporations.

Jang Se-joo, chairman of the group, has been appointed as an in-house director of Dongguk Holdings, a surviving corporation, and will take charge of the group's future growth strategy with Chang Se-wook, vice chairman of the group.

 

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