Jang Se-wook: "Spin-off is Growth... Accelerating Preparation for Long-term Growth Engine"

Jang Se-wook, Vice Chairman of Dongkuk Steel, is driving growth focused on eco-friendly technologies in line with the carbon-neutral era.

On the 24th, Vice Chairman Jang announced the personnel split and the resulting group growth strategy at the 69th regular shareholders' meeting held at the headquarters in Euljiro, Seoul.

On that day, Vice Chairman Jang gave a 30-minute presentation on the company’s future growth strategy, stating that by separating the holding company and business functions, the holding company will serve as a strategic control tower to respond to the steel industry's 'growth slowdown' and discover long-term growth engines.

He emphasized, "We will discover new businesses in the materials, parts, and equipment (SoBuJang) sector that can enhance synergy with the steel business, and also seek group synergies in logistics, IT, and other areas."

Dongkuk Holdings plans to establish a CVC (corporate venture capital) under the holding company to discover new businesses leading future trends.

Dongkuk Steel (Ga) is pursuing eco-friendly growth with "Steel for Green" as its core strategy, focusing especially on three areas: energy, innovative process technology, and product portfolio, including the development of hyper electric furnace technology.

Dongkuk CM (Ga) plans to implement tasks in three areas?sustainable growth, marketing, and global expansion?to achieve 2 trillion KRW in sales related to color steel sheets and establish a global sales system of 1 million tons by 2030. Additionally, Vice Chairman Jang stated that through business structure reorganization, the undervalued steel business’s value will be enhanced, continuous profits realized, and dividends increased.

Dongkuk Steel approved a dividend increase of 100 KRW per share to 500 KRW on the same day. Although net profit decreased last year, this is to return accumulated resources to shareholders through financial improvement efforts.

Furthermore, Dongkuk Steel newly appointed Vice President Choi Sam-young as an inside director. Vice President Choi, an on-site expert, contributed to maximizing productivity by optimizing Dongkuk Steel’s facilities, led the optimization and stabilization of facilities after the Dangjin plant started operations in 2010, and currently oversees strategy, production, purchasing, and sales as Vice President of Dongkuk Steel. Based on his high understanding of Dongkuk Steel, he was judged to contribute to actual profits and was newly appointed as an inside director.