DongKuk Holdings, the holding company of Dongkuk Steel, said on the 26th that Vice Chairman Jang Se-uk was reappointed as an inside director through a regular shareholders meeting.
DongKuk Holdings submitted eight agenda items, including the reappointment of Vice Chairman Jang, at the 72nd regular shareholders meeting that day and won approval as originally proposed.
Vice Chairman Jang is the youngest son of former Chairman Jang Sang-tae of Dongkuk Steel and the younger brother of Chairman Jang Se-ju. Since 2015, he has served as CEO of DongKuk Holdings.
Through a business report that day, Vice Chairman Jang explained changes in the profitability of major affiliates due to a sluggish steel market and high-rate tariff.
He also shared the establishment of a corporate venture capital (CVC) arm and reviews of investments in trend businesses carried out by DongKuk Holdings as the group's control tower, as well as the formulation of future growth strategies and portfolio development.
Vice Chairman Jang said, "We are currently formulating the 'Dongkuk Steel 4th midterm management plan,' and within this year we will clarify the detailed strategy and, if necessary, create an opportunity to share it with shareholders."
He said, "To strengthen the group's core competitiveness, we are broadly reviewing the upstream and downstream value chain," adding, "Internally, we are considering our asset holdings and research and development capabilities, and externally, we are weighing joint ventures, mergers and acquisitions, and strategic alliances in promising sectors."
Vice Chairman Jang said, "We consider enhancing shareholder value an important management principle," adding, "For stable dividends and capital efficiency, we are pushing to cancel all treasury shares, raise the minimum dividend standard, and improve the capital structure."
At the shareholders meeting that day, DongKuk Holdings approved agenda items including: ◇ approval of financial statements ◇ capital reduction through cancellation of treasury shares and reduction of par value ◇ stock split ◇ partial amendments to the articles of incorporation ◇ appointment of directors ◇ appointment of auditors ◇ approval of the limit on directors' remuneration ◇ approval of the limit on auditors' remuneration.
At the shareholders meeting that day, the company appointed Jeong Sun-uk, head of strategy, as a new inside director. Jeong joined the company in 1997 and has managed group cash flows for 30 years, and in 2020 served as head of finance.