Setopia Adds New Business Purpose... "Advancing Entry into Eco-Friendly Advanced Materials Business"

[Asia Economy Reporter Jang Hyowon] Setopia, a KOSDAQ-listed company, announced on the 27th that agenda items including the addition of new business purposes for business diversification, amendments to the articles of incorporation, and the appointment of outside directors were approved as originally proposed at the extraordinary general meeting of shareholders.

The additional business purposes for Setopia include ▲ import and export of rare earth raw materials ▲ processing, production, and sales of rare earth raw materials ▲ manufacturing and sales of permanent magnets, electromagnets, and magnet-applied devices ▲ distribution and wholesale/retail of agricultural and marine products ▲ import and export of tobacco, among others.

The company plans to expand its business areas including rare earths, eco-friendly advanced materials, and distribution businesses, and aims to grow into a company engaged in steel, stainless steel, special steel sales, rare earths, permanent magnets, electromagnets manufacturing, sales, and distribution through stable promotion of new businesses.

Setopia completed the merger process through acquiring 100% (240,000 shares) of Jason & Company, a stainless steel (STS) processing and distribution company, in early last month. Established in 2002, Jason & Company has held the number one domestic market share in 201 steel grade products for over 17 years based on a stable supply chain.

This year, the company is pushing to expand its market share in 304 steel grade (stainless steel) products. In particular, the 304 steel grade is gaining attention as its usage range is expanding to eco-friendly businesses such as electric vehicle battery cases and LNG storage tanks.

A Setopia official stated, “Since the fourth quarter of last year, orders for stainless steel products have been increasing, and especially this year, with exchange rate stability, the recovery of the Chinese economy, and the rebound in international steel prices, there is high expectation for performance growth. We will strive to become the top domestic stainless steel manufacturing and distribution company.” He added, “New businesses are also progressing sequentially, so we expect good results in the near future and will do our best to enhance corporate value and increase shareholder value.”