Setopia Completes Merger with Special Steel Company Jason & Company... "Aiming for Annual Sales of 200 Billion KRW"

[Asia Economy Reporter Jang Hyowon] Setopia, a KOSDAQ-listed company, announced on the 3rd that it has completed the merger with Jason & Company, a stainless steel (STS) processing and distribution specialist.

Setopia, which began the merger process with Jason & Company in the second half of last year, completed the merger procedure as of the 2nd and announced through its website on the 3rd, via the merger completion board meeting, that Setopia and Jason & Company have become one company. The merger completion report disclosure is scheduled to be released on the 4th.

Jason & Company, acquired as a 100% subsidiary by Setopia in May last year, purchases stainless steel from major domestic and international steel manufacturers and supplies approximately 40,000 tons annually of high value-added products to demand companies from its 3,097㎡ factory located in Ojeong-gu, Bucheon-si, Gyeonggi-do. It is a special steel specialist company holding the number one domestic market share for STS 201 steel grade and recorded annual sales of 98.8 billion KRW and operating profit of 5.7 billion KRW in 2021.

Through this merger, Setopia has shifted its main revenue source from the information security solution business it had been conducting to the stainless steel special steel business, aiming to improve its business structure by expanding its scale based on a stable special steel business alongside the existing information security solution business.

Setopia secured annual sales exceeding 100 billion KRW on a separate basis through this merger, enabling it to become a solid company through both its existing information security solution business and the newly started distribution business.

A Setopia representative stated, “Since the fourth quarter of last year, orders for STS products have been increasing, and through the expansion of existing, new, and special steel businesses, we are targeting sales exceeding 200 billion KRW on a separate basis this year. We will strive to enhance shareholder value and achieve significant company growth through the best performance and operating profit since our founding.”