KG Dongbu Steel Changes Name to 'KG Steel'..."2022, the Year of Rebirth"

KG Steel CI. Photo by KG Steel

[Asia Economy Reporter Jeong Dong-hoon] KG Dongbu Steel announced that it will change its company name to 'KG Steel' and make this year the first year of its leap forward.

According to the industry on the 25th, KG Dongbu Steel recently held a board meeting and approved the amendment to the articles of incorporation, which includes the company name change, as originally proposed, as disclosed on the 23rd. If the amendment to change the company name to KG Steel is approved at the regular shareholders' meeting scheduled for the 24th of next month, the company name will be changed after registration.

KG Dongbu Steel aims to unite the will of its members through the company name change and make this year the first year of a new leap forward. It is expected to expand its business territory on the global stage through exports and enhance the technological competitiveness of its main products to establish itself as a customer-friendly company.

KG Dongbu Steel is the only company in the industry capable of producing all types of cold-rolled steel sheets. Using this portfolio diversity as a weapon, it is securing export routes. In January, the export ratio based on sales increased significantly by 17 percentage points compared to the same period last year, reaching 63%, showing a clear increase in export proportion.

Sales of not only cold-rolled, galvanized, and electro-galvanized steel sheets but also color steel sheets increased. In January, the sales proportion of KG Dongbu Steel's color steel sheets rose to 30% of the total, driving performance growth.

Since launching the color steel sheet brand Exstone, KG Dongbu Steel has been strengthening its competitiveness in construction materials and home appliance color steel sheets. Last year, Exstone was selected as an interior material throughout the Bangkok Red Line urban railway stations in Thailand, gaining recognition for its technology overseas. Recently, it also introduced eco-friendly color steel sheet products for home appliances made with biomass solvents.

KG Dongbu Steel joined the KG Group in 2019. Park Sung-hee, CEO of KG Dongbu Steel, said, "We are preparing for a second leap forward with the new company name," adding, "We will expand our business into areas that can create synergy with our core business and continuously discover future growth engines."

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