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South Korea's Dongkuk cuts losses by selling China business

ABSTRACT

South Korean flats and long products maker Dongkuk Steel Mill has finally escaped from the perennial losses of its coated-sheet subsidiary in East China's Jiangsu province by selling 90% of its stake in Dongkuk Steel China (DKSC) to the Jiangyin city local government for Won 97 billion ($73.6 million), the company has announced.
"Dongkuk Steel judged that the Chinese domestic market, which is mainly based on low-cost general-purpose goods, differs from (our company's) business direction which is oriented towards gentrification such as 'Luxteel,' and it is difficult to secure marketability and profitability in the future," the Seoul-headquartered company said in a statement.   "With this

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