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SeAH Steel to separate steel plate business

Collected: 2017.04.12

Distributed: 2017.04.13

Source: Go Direct

[Photo by SeAH Steel Corp.]

SeAH Steel Corp., South Korea`s largest steel pipe producer, has decided to split off its steel plate business into an independent entity to ensure faster decision-making and better respond to demanding market needs.

The plan is subject to approval by its shareholders on May 26 and if approved, the new entity named Seah Coated Metal (CM) Corp. will start operations on July 1.

The company said Tuesday its board members decided to make its steel plate business independent and the demerger will contribute to expanding business expertise in each area, deepening the core competency and improving profitability of the separated entity.

SeAH Steel will focus on steep pipe business after the separation and expects organizational drags caused by the existence of very two different businesses under one roof will be eased.

A company official said the reorganization will enable faster decision-making and help save operational costs as well.

By Moon Ji-woong

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