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TOKYO - JFE Steel Corporation
purchased convertible bonds (bonds with the
option of conversion to common stock) from
Dongbu Steel Co., Ltd. of Korea on September
13, 2002. The terms of conversion having been
met*),
JFE Steel converted the bonds and obtained
common stock in Dongbu Steel on November 11.
JFE Steel and Dongbu Steel
have enjoyed a long, friendly relationship
as supplier and user of hot rolled steel sheets
for cold rolling, and the conversion of bonds
to common stock will further cement the relationship
of trust between the two companies.
Below is an outline of the
shares acquired.
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Description of
shares obtained from conversion |
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Investment: |
¥400 million |
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No. of shares obtained:
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Approx. 820,000 (equivalent
to a 3% stake) |
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Shares obtained: |
Common stock |
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Conversion price: |
5,000 won/share |
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| • |
Profile of Dongbu
Steel Co., Ltd. |
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Established: |
1982 |
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Capital: |
181.4 billion won |
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Head office: |
Seoul, Korea |
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Representative: |
Jeong Il Kim, President |
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Sales: |
1,534.9 billion won (2002
results) |
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Main products:
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Cold rolled steel sheets,
hot-dip galvanized steel sheets, tin-plated
steel sheets, etc. |
(For further information,
see the Dongbu Steel website at http://www.dongbusteel.co.kr.)
*)
The terms of conversion to common stock were
"automatic conversion should the average
closing price of Dongbu Steel be 5,000 won
or higher for 20 business days." This
condition was satisfied on November 10.
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