South Korean special steel maker SeAH Besteel Corp will split into a holding entity spearheading new growth engines and a business unit focusing on special steel manufacturing operations to better respond to rapidly changing business landscape. It plan to break into, tentatively named, SeAH Besteel Holdings Corp and SeAH Besteel Corp by 1 April 2022. The demerger will make SeAH Besteel Holdings the existing, publicly traded company, and business operation unit a newly established unlisted subsidiary. The company will seek final approval from shareholders at the general shareholders meeting on March 25.SeAH Besteel Holdings will work as the intermediary holding company under SeAH Holdings Corp, to lead the group’s strategy in special steel manufacturing businesses SeAH Besteel, SeAH Changwoon Integrated Special Steel, and SeAH Aerospace & Defense as well as seek growth opportunities in new areas, including electric vehicle parts and aerospace.The newly established business unit with the same nameplate passed down will maintain existing operation of manufacturing specified steel products, such as H-beam and alloy steel.
South Korean special steel maker SeAH Besteel Corp will split into a holding entity spearheading new growth engines and a business unit focusing on special steel manufacturing operations to better respond to rapidly changing business landscape. It plan to break into, tentatively named, SeAH Besteel Holdings Corp and SeAH Besteel Corp by 1 April 2022. The demerger will make SeAH Besteel Holdings the existing, publicly traded company, and business operation unit a newly established unlisted subsidiary. The company will seek final approval from shareholders at the general shareholders meeting on March 25.SeAH Besteel Holdings will work as the intermediary holding company under SeAH Holdings Corp, to lead the group’s strategy in special steel manufacturing businesses SeAH Besteel, SeAH Changwoon Integrated Special Steel, and SeAH Aerospace & Defense as well as seek growth opportunities in new areas, including electric vehicle parts and aerospace.The newly established business unit with the same nameplate passed down will maintain existing operation of manufacturing specified steel products, such as H-beam and alloy steel.
