The Board of SeAH Steel Corporation (KOSE:A003030) agreed to spin-off manufacturing business segment on April 9, 2018. As per terms, the parent entity, SeAH Steel Corporation, is spinning of its manufacturing business into a new entity which will be named as SeAH Steel Corporation and the parent entity will be renamed as SeAH Steel Holdings Corporation. Pursuant to spin-off, the shareholders of the distributing company (SeAH Steel Corporation) will be allocated the shares of the newly established company in proportion to the current ownership percentage in distributing company (SeAH Steel Corporation).

The record date of the deal is August 31, 2018. The spun-off business had total assets of KRW 1.08 trillion and net assets of KRW 550 billion as at December 31, 2017, and sales of KRW 1.48 trillion for the period ending December 31, 2017. Lee, Soon-Hyung and Nam, Hyeung-Geun will be the new Chief Executive officer of SeAH Steel Holdings Corporation.

The spin-off date is September 1, 2018. As of September 3, 2018, the shares are expected to be delivered on October 4, 2018.