President Lee Hyun-sik was appointed as CEO of Aju Steel with the completion of Dongkuk CM’s acquisition of Aju Steel. Provided by Dongkuk Steel Group
Dongkuk CM announced on the 8th that it has completed the acquisition of Azoo Steel. It has been about five months since the board of directors decided to ‘conclude a basic contract related to the acquisition of shares of Aju Steel Co., Ltd.’ in August last year. Dongkuk CM is a company specializing in cold galvanized and colored steel sheets of Dongkuk Steel Group.
The day before, Dongkuk CM completed the payment for old and new shares of Azoo Steel. The acquisition was completed upon meeting the mutually agreed upon prerequisites in accordance with the previously concluded stock purchase agreement (SPA) and stock purchase agreement (SSA). As of the transaction closing date, Aju Steel’s largest shareholder will be changed to Dongkuk CM.
On this day, Aju Steel held a board meeting and appointed Executive Director Lee Hyun-sik, who was appointed at the extraordinary general meeting of shareholders in December last year, as the CEO of Aju Steel.
Aju Steel praised President Lee Hyun-sik for demonstrating his ability to establish global business and sales strategies while serving as head of Dongkuk Steel’s U.S. branch and head of Dongkuk CM’s sales office. In addition, he was appointed as CEO because he was judged to be able to play a key role in strategic coordination and integrated management as the head of PMI promotion and contribute to the continued growth and strengthening of Aju Steel’s competitiveness.
As the acquisition process is completed, Dongkuk CM will complete the incorporation of Aju Steel subsidiary by applying to the Fair Trade Commission for incorporation into an affiliate, and will be delegated the authority to exercise voting rights for the stocks subject to the transfer through the regular general shareholders’ meeting.
In addition, Dongkuk CM plans to focus on improving the financial soundness of Aju Steel, which has completed its capital expenditures (CAPEX), for a certain period of time.
◆ Profile of Hyunsik Lee, CEO and President of Azoo Steel
Born: 1966
Education: Dong-A University, Metallurgical Engineering (Graduate of ‘94)
personal history
1993.12 ~ Joined the company / Union Steel Steel Pipe Division Production Department
2010.01 ~ Manager / Mexico Corporation Head
2015.07 ~ Director / Color Sales Manager, Cold Rolled Steel Business Division
2018.01 ~ Director / Head of US Corporation
2018.12 ~ Managing Director / Head of US Corporation
2022.12 ~ Executive Director / Head of US Corporation
2024.01 ~ Executive Director / Sales Manager
2024.11 ~ Executive Director / Aju Steel PMI Promotion Director
2024.12 ~ President / Aju Steel PMI Promotion Director
2025.01 ~ President / CEO of Aju Steel
Reporter Park Jae-rim jamie@segye.com
Source: www.segyebiz.com
