Sinstill Approved for Merger with Hana Financial No.15 SPAC... Expanding Supply of Nickel-Plated Steel Sheets for Battery Materials

Merger Proceeding via Spec Extinction Method... Merger Date December 6

[Asia Economy Reporter Park Hyungsoo] Global steel specialist company Shin Steel announced that the merger plan with Hana Financial 15th SPAC, through the SPAC dissolution method, was approved at the shareholders' meeting held on the 1st.

Shin Steel and Hana Financial 15th SPAC will proceed with the merger through the SPAC dissolution method. After the merger date on December 6, Shin Steel, the merger target, will remain as the surviving company, and Hana Financial 15th SPAC will be dissolved.

Shin Steel is engaged in steel processing and distribution business. It is expanding its forward markets from steel products for home appliances to the automotive, shipbuilding, and construction materials sectors. In the automotive sector, it supplies nickel-plated steel sheets for battery materials to electric vehicle battery companies and is actively expanding forward markets through development cooperation with overseas automotive exhaust system companies.

To expand its core coil center business, it is securing overseas bases in various countries, starting with a coil center in Thailand. In September last year, it established a joint venture (ES Steel) with Egypt's largest home appliance company El Araby to pioneer the North African market and strengthen market dominance.

In 2021, sales and operating profit recorded were 343.3 billion KRW and 23.8 billion KRW, respectively. As of the first half of this year, sales reached 211 billion KRW and operating profit 11.8 billion KRW.

CEO Shin Seunggon said, "Based on Shin Steel's unique high-quality technological competitiveness, we will secure new customers, expand coil centers for home appliances, and leap forward as a leading steel specialist company in the steel market."

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