Hankook Steel Co., Ltd. agreed to acquire remaining 50% stake in Hankook Steel & Ingot Co.,Ltd. from Han Kook Steel & Mill Co., Ltd. for KRW 10.3 billion.
October 09, 2017
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Hankook Steel Co., Ltd. (KOSE:A025890) agreed to acquire remaining 50% stake in Hankook Steel & Ingot Co.,Ltd. from Han Kook Steel & Mill Co., Ltd. for KRW 10.3 billion on October 10, 2017. Under the terms of the transaction, Hankook Steel Co., Ltd. will acquire 0.1 million shares. The consideration will be paid on the date of agreement. For the year ended December 2016, Hankook Steel & Ingot Co.,Ltd. reported total assets of KRW 35.2 billion, total capital of KRW 21.02 billion, sales of KRW 5.5 billion, and net profit of KRW 1.3 billion. The transaction was resolved by the board of directors of Hankook Steel Co., Ltd. The transaction is expected to close on October 10, 2017.
Hankook Steel Co., Ltd. is a Korea-based manufacturer mainly engaged in the provision of cast steels. The Company operates its business through three segments: cast steel segment, building materials segment and scrap iron segment. The cast steel segment provides four categories of products: shipbuilding equipment, including rudder horns, stern bosses, propeller bosses, tillers, half tillers, shoe pieces, stern tubes, rudder upper castings and others; iron and steel making products, including slag pots, ladles and shoe plates; industrial machinery products, including frames, valves and pump castings, as well as cement and construction equipment products. The building materials segment provides bolted plate (BP) joints, composite head reinforcement pipe piles and mechanical joint of iron bars. The scrap iron segment engages in the manufacture and distribution of compressed scarp irons. The Company distributes its products within domestic market and to overseas markets.