Vice Chairman Jang Se-wook: "Dongkuk Steel, Reborn as a Mid-sized Strong Company... Building a Foundation for a 100-Year Enterprise"

CEO Kim Yeongeuk Reappointed
"Achieved Highest Operating Profit in the Last 10 Years"

Dongkuk Steel CI

[Asia Economy Reporter Hwang Yoon-joo] Jang Se-wook, Vice Chairman of Dongkuk Steel, announced that he will redefine Dongkuk Steel as a 'medium-strong (中强) company' focused on substance rather than scale, and build a foundation for a 100-year company through sustainable growth.

At the 67th General Shareholders' Meeting held on the 26th at Ferrum Tower in Suha-dong, Seoul, Vice Chairman Jang said, "We are focusing on our core steel business and maximizing profits. Although our scale has somewhat decreased, we are reborn as a 'medium-strong (中强) company' with high profitability and a solid financial structure."

In his business report, Vice Chairman Jang announced, "Despite the global steel industry's downturn due to the economic crisis caused by COVID-19, Dongkuk Steel achieved the highest operating profit in the past 10 years, and net profit turned positive for the first time in three years."

He emphasized, "We will continue to reduce debt ratio and borrowings, pursue the long-term goal of restoring our credit rating to A, and improve our external credibility."

He added, "We will designate 2021 as the inaugural year of ESG (Environmental, Social, and Governance) management, expand investments related to environmental safety, and continue to develop social contribution activities and labor-management harmony culture to prepare for the future of a 100-year company."

As directions for building future competitiveness, Vice Chairman Jang presented ▲ continuous sales and production focused on profitability ▲ strengthening financial soundness ▲ establishing growth momentum. At the meeting, he personally presented the management environment and performance over the past five years, the 2020 business results, and plans for building future competitiveness, responding to shareholders' questions one by one. It is known that he personally prepared and managed the presentation materials for this shareholders' meeting. This method was directly proposed by Vice Chairman Jang to improve the shareholders' meeting culture and has been implemented since 2016.

At the shareholders' meeting, Dongkuk Steel approved the 2020 financial statements and reappointed President Kim Yeon-geuk and Executive Director Choi Won-chan as inside directors. As outside directors, Joo Sang-cheol, Min Dong-jun, Nam Dong-guk, Kim Yong-sang, and Lee Jong-won were reappointed, and all six agenda items were approved.

This content was produced with the assistance of AI translation services.