JFE Steel, Dongkuk Steel Further Partnership.Tokyo, Japan, Sept 26, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) ) - JFE JFE Journal of Financial Economics JFE Joint Force Employment JFE joint fires element (US DoD) JFE Justification for Expenditure Steel Corporation announced of a basic agreement on September 25 with Dongkuk Steel Dongkuk Steel Mill Co, Ltd. (KSE: 001230) is a steel company with its headquarters in the city of Seoul, South Korea. Its manufacturing plants are located in Pohang and Incheon. Mill Co., Ltd. intended to strengthen their existing partnership, including an expansion of capital ties. Details will be finalized See finalization. before the end of the year. The companies signed a mutual cooperation agreement in July 1999 and have since deepened their cooperation in many areas, including capital, technology and raw-material sourcing. They have decided to further strengthen and expand their partnership to better meet the booming demand for steel plate in South Korea. In particular, JFE Steel will assist Dongkuk Steel in the enhancement and improvement of its steel plate supply capacity, which will ensure that the combined capacity of the two groups is sufficient. JFE Steel will acquire Dongkuk Steel treasury shares that will increase its stake from 4.1% to 15%. Meanwhile, Dongkuk Steel will acquire 10 billion yen in shares of JFE Holdings JFE Holdings, Inc. (ジェイエフイーホールディングス株式会社 , beginning with an initial acquisition of 5 billion yen by the end of September 2007. As a result of the expanded investment, Dongkuk Steel will become an equity-method subsidiary of JFE Steel, and JFE Steel will seat an outside director on Dongkuk Steel's board. Copyright [c] 2006 Japan Corporate News Network. All rights reserved. |
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