Dongkuk Steel Vice Chairman Chang Sae-wook delivers a speech at the 67th shareholders’ meeting at Ferrum Tower in Suha-dong, Seoul, on March 26. (Photos: Dongkuk Steel)

Dongkuk Steel Vice Chairman Chang Sae-wook redefined Dongkuk Steel as a substantial mid-size superstar company rather than focusing on outside growth.

He announced his determination to lay the groundwork to be a 100-year-old company. Vice Chairman Chang made the remarks while speaking at the 67th shareholders’ meeting at Ferrum Tower in Suha-dong, Seoul, on March 26.

Vice Chairman Chang held a 40-minute Q&A session with shareholders on matters such as business conditions and how the company performed over the past five years, including last year, and ways of building future competitiveness.

Chang has chosen to have direct communications with shareholders since 2016, like a kind of an IR session, a departure from the conventional mold.

In his business report, Vice Chairman Chang said, “Amid the sagging global steel industry, being buffeted by an economic crisis, caused by COVID-19 pandemic, Dongkuk Steel has achieved the highest-ever rate of operating profit to sales in the recent decade and a change into a net profit in three years.”

Dongkuk Steel is reshaping itself into a “mid-size superstar company which saw a little decline in outside growth, but high profit-taking and strong financial soundness by focusing on the mainstay steel-making business and maximizing profits, a sharp contrast from a SME superstar company.”

Chang set the goal of recovering its corporate rating to A and international credit standing. He proposed ways of building future competitiveness — maintaining profit-oriented marketing and production, ramping up financial soundness, and building growth momentum.

 
 “Dongkuk Steel, setting 2021 as the first year of introducing ESG management, will make preparations to be a 100-year-old company by expanding investments into the environment and safety sectors, and continuing to improve social contribution activities and labor-management harmony,” Vice Chairman Chang said.

The shareholders’ meeting approved the 2030 financial statement and the appointment of President Kim Yeon-guk as an inside director and reelecting Executive Vice President Choi Won-chan as an inside director.

Appointing Choo Sang-chul, Mon Dong-joon, Nam Dong-guk, Kim Yong-sang and Lee Jong-won as outside directors also got the nod from shareholders.

Dongkuk Steel, which approved a cash dividend of 200 won per share, pledged to redouble efforts to make more returns to shareholders by achieving better business performances.

New color steel plate samples for 2021 are on display at Ferrum Tower, Dongkuk Steel headquarters.

Dongkuk Steel Unveils Luxteel’s 2021 Design Concept ‘Life’

Dongkuk Steel revealed the 2021 design concept “Life,” of its premium architecture color steel plate brand “Luxteel.”

The steelmaker’s new concept “Life” is designed to take a fresh look at, and interpretation of “structures” and “space” in the wake of limited outdoor activities and staying indoors longer, caused by the COVID-19 pandemic.

In particular, Dongkuk Steel introduced the “digital printing color steel plate,” under the theme “Hi Digital,” which emerges as the color steel plate industry’s new paradigm among Luxsteel products.

The digital printing color steel plate is an innovative one of expressing designs regardless of printing rolls and colors, as color printers develop pictures.

Dongkuk Steel became the first Korean company which developed the technology in 2018. In 2020, the steelmaker launched mass production of digital printing color steel plate, which is used as outside materials.

Dongkuk Steel held an online session in which 2021 color steel plate design trends and new products were presented to target its executives and staffers for a week staring on April 7.

During the session, Dongkuk Steel unveiled the design concepts of “Luxsteel” and “Appsteel.”