KG Steel

{{Infobox company

| name = KG Steel Co., Ltd.

| logo =

| image =

| native_name = KG스틸 주식회사

| native_name_lang = ko

| former_name = Dongbu Steel
(1985-2020)
KG Dongbu Steel
(2020-2022)

| type = Public

| traded_as = {{kse|016380}}

| industry = Steel

| founded = {{start date and age|1982|10|27}}

| hq_location =

| hq_location_city = Seoul

| hq_location_country = South Korea

| key_people = Park Sung-hee (CEO)

| products = Steel Cold-Rolled, steel sheet, steel and iron coating

| revenue =

| operating_income =

| net_income =

| num_employees =

| parent = KG Group

| subsid =

| website = {{URL|www.kg-steel.co.kr}}

| footnotes =

}}

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

History

In 2013, the Korea Development Bank attempted to restructure the Dongbu Group, but its attempts resulting in slumping business.{{cite web|last1=Herh|first1=Michael|title=Troubled Companies Put KDB under Great Strain|url=http://www.businesskorea.co.kr/english/news/money/12103-cant-restructure-everyone-troubled-companies-put-kdb-under-great-strain|website=Business Korea|accessdate=6 June 2017}} Dongbu Steel reached an agreement with creditors to undergo a debt workout program.{{cite news|title=Dongbu Steel, creditors agree on recovery plan|url=http://english.yonhapnews.co.kr/business/2014/06/30/96/0501000000AEN20140630009200320F.html|accessdate=6 June 2017|work=english.yonhapnews.co.kr|agency=Yonhap News Agency|date=June 30, 2014|language=en}} Creditors tried to support Dongbu Steel with a variety of measures such as 600 billion won in support.{{cite news|title=Dongbu affiliate seeks receivership|url=http://mengnews.joins.com/view.aspx?aId=2995578|accessdate=6 June 2017|work=Korea JoongAng Daily|date=October 2, 2014}} The creditors then attempted to sell Dongbu Steel, but had trouble finding bidders.{{cite news|last1=Lee|first1=Hyo-sik|title=Sale of Dongbu Steel in limbo|url=https://www.koreatimes.co.kr/www/news/biz/2016/01/123_196288.html|access-date=6 June 2017|work=The Korea Times|date=25 January 2016|language=en}} Dongbu Steel then sold off an electric furnace used for steel production.{{cite news|last1=Chun|first1=Beom-joo|last2=Chung|first2=Seok-woo|title=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|url=http://pulsenews.co.kr/view.php?year=2016&no=185694|accessdate=6 June 2017|work=pulsenews.co.kr|language=ko}} In May 2016, Dongbu Steel was taken off sale.{{cite news|last1=Kim|first1=Yoon-mi|title=[Market Now] Dongbu Steel not for sale anymore|url=http://www.koreaherald.com/view.php?ud=20160518000944|accessdate=6 June 2017|work=The Korea Herald|date=18 May 2016|language=en}} In 2019, the company was acquired by a consortium led by KG Group companies and Cactus Private Equity.{{cite news |last1=Kang |first1=Gye-man |last2=Lee |first2=Ha-yeon |title=Dongbu Steel bolsters capital under new owner and debt relief |url=https://pulsenews.co.kr/view.php?year=2019&no=418525 |accessdate=15 September 2019 |publisher=Maeil Business News Korea |date=16 June 2019}}

References

External links

{{Official website|http://www.kg-steel.co.kr}}

{{Finance links

|name= KG Steel

|google= 016380:KRX

|yahoo= 016380.KS

|bloomberg= 016380:KS

|reuters= 016380.KS

}}

Category:Steel companies of South Korea

Category:Companies listed on the Korea Exchange