Dongbu Group chairman to lose ownership of steelmaker

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Dongbu Group chairman to lose ownership of steelmaker

Dongbu Group Chairman Kim Jun-ki will lose his ownership in Dongbu Steel after the nine creditors unanimously approved a normalization plan that includes a debt-to-equity swap and a capital reduction of shareholders.

Kim and group affiliates have a nearly 37 percent stake in Dongbu Steel, but when the capital reduction and debt-to-equity swap occurs, their ownership share falls below 1 percent, compared to more than 51 percent for creditors.

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