Jeil Steel Resolves All Lawsuits... "Aiming for 70 Billion Won in Sales"

[Asia Economy Reporter Jang Hyowon] Jeil Steel announced on the 28th that it has resolved all lawsuits related to the management rights dispute and is expected to smoothly achieve sales of 70 billion KRW this year.

Jeil Steel held an investor relations (IR) meeting at its headquarters in Seonggok-dong, Danwon-gu, Ansan City, the day before, where institutional investors and individual investors from Eugene Investment & Securities, Meritz Securities, and others attended to discuss management performance, business status, and vision.

At the IR meeting, Jeil Steel CEO Han Sangmin stated, “With the management rights dispute that continued until last year now resolved, we have eliminated various litigation risks that the capital market was concerned about,” adding, “From the first quarter of this year, we will prove the company’s value through management performance.”

He announced that Jeil Steel’s sales performance in the first quarter of 2021 is expected to improve significantly. The expected sales for the first quarter of this year are approximately 16 billion KRW, representing about a 200% improvement compared to the same period last year.

With the global economic recovery leading to increased steel demand and production cuts in China causing strong price increases, the steel industry’s favorable performance is expected to continue beyond the second quarter of this year. The prices of Jeil Steel’s main products, hot-rolled wire rod and rebar, have also surpassed 800,000 KRW per ton for the first time in nine years since 2012.

CEO Han Sangmin said, “Due to the steel market recovery and production cuts in China this year, the price increase trend for rebar and other products is expected to continue, leading to significant performance improvements for the company,” adding, “The sales target for this year is 70 billion KRW, about a 90% growth from last year’s 37.5 billion KRW, and achieving this target is expected to be smooth.”