Dongbu Steel

KG Dongbu Steel (DBS, Hangul:동부제철; KRX: 016380, KRX: 016385, is a South Korean multinational corporation that produces steel-related and cold-rolled products. It is part of the Korea Development Bank.

KG Dongbu Steel
KG동부제철
TypePublic
KRX: 016380
IndustrySteel
FoundedOctober 27, 1982 (1982-10-27)
HeadquartersSeoul, South Korea
ProductsSteel Cold-Rolled, Steel Sheet, Steel and Iron Coating
RevenueUS$2.5 billion
Number of employees
678
ParentKG Steel
Websitehttp://www.kgdongbusteel.com

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 KG Group 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.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.