KG Steel Co., Ltd. () is a South Korean
multinational corporation
A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...
that produces steel-related and cold-rolled products.
History
In 2013, the
Korea Development Bank
Korea Development Bank (KDB Bank, SWIFT: KODBKRSE) is a wholly state-owned policy development bank in South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedit ...
attempted to restructure the
Dongbu Group
DB Group, formerly Dongbu Group, is a large South Korean '' chaebol'' (conglomerate), producing industry, chemical, insurance and financial products. It was established in January 1969 by Junki Kim as Miryung Construction Company, Ltd.
Subsidia ...
, but its attempts resulting in slumping business. Dongbu Steel reached an agreement with creditors to undergo a debt workout program. Creditors tried to support Dongbu Steel with a variety of measures such as 600 billion won in support. The creditors then attempted to sell Dongbu Steel, but had trouble finding bidders. Dongbu Steel then sold off an electric furnace used for steel production. In May 2016, Dongbu Steel was taken off sale. In 2019, the company was acquired by a consortium led by
KG Group
The KG Group (, ) is a South Korean '' chaebol'' established in 2003 and operating, through its affiliates, in various industries and other businesses (including chemicals, steel, services, and media). The main affiliates of the KG Group are KG C ...
companies and Cactus Private Equity.
See also
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SsangYong Motor
References
External links
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{{SouthKorea-company-stub
Steel companies of South Korea