Dongkuk Steel said on the 23rd that Dongkuk Steel Mill held its third regular shareholders meeting. Through the meeting, Dongkuk Steel Mill conveyed its "mid- to long-term export plan" and efforts to enhance shareholder value.

Choi Sam-young, president of Dongkuk Steel Mill, delivers the business report as chair at the 3rd shareholders' meeting held at Ferrum Tower in Suha-dong, Seoul, on the 23rd. /Courtesy of Dongkuk Steel Mill

The meeting was held that morning at Ferrum Hall at the Ferrum Tower headquarters in Suha-dong, Seoul. President Chwa Sam-young said in opening remarks as chair that "in a tough business environment, strategies such as diversifying the sales portfolio, sophisticated trade responses, and optimizing operations are essential."

He then laid out the mid- to long-term export plan. By expanding the export-dedicated organization, maximizing profitability, and offering global customer-tailored direct-transaction solutions, the company will push an export activation strategy and plans to raise the export share from about 11% last year to 15%.

Dongkuk Steel Mill also mentioned efforts to enhance shareholder value that day. By maintaining the policy promised to shareholders with an interim dividends of 200 won per share and a settlement of account dividends, Dongkuk Steel Mill is expected to be classified as a high-dividends corporations with a payout ratio of 241%.

It added that this will also allow shareholders to expect the separate taxation benefit on settlement of account dividends income, and said it will work to continue a high level of dividends by seeking ways to enhance shareholder value and maximizing profits going forward.

At the meeting, Dongkuk Steel Mill appointed Kwon Ju-hyuk, head of finance at Dongkuk Steel Mill, as a new inside director. Based on experience in establishing financial strategies, strengthening financial soundness, and improving efficiency in funds management, investment, and expense, Director Kwon is expected to play a role on the board.

Dongkuk Steel Mill also approved amendments to its articles of incorporation, including deleting the clause excluding the cumulative voting system, in consideration of the revision of the Commercial Act and protection of minority shareholders' rights.

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