SeAH Steel International Co., Ltd. completed the acquisition of 40% stake in State Pipe & Supply, Inc. from SeAH Steel Corporation.

SeAH Steel International Co., Ltd. agreed to acquire 40% stake in State Pipe & Supply, Inc. from SeAH Steel Corporation (KOSE:A003030) for KRW 12.4 billion on May 8, 2018. Under the transaction, SeAH Steel International Co., Ltd. acquires 0.093 million shares. In a related transaction, SeAH Steel International Co., Ltd. agreed to acquire stakes in 9 other companies on May 8, 2018. A total consideration paid by SeAH Steel International Co., Ltd. is approximately KRW 480 billion for the issuance of 2 million new shares. Payment of consideration will be done on date of sale i.e. July 23, 2018. During the financial year ended December 2017, State Pipe & Supply, Inc. reported total assets of KRW 77.2 billion, net assets of KRW 27.5 billion, sales of KRW 73.8 billion and net profit of KRW 1.9 billion. The transaction has been resolved by the Board of SeAH Steel Corporation. The transaction is expected to be completed on July 23, 2018. Samil PricewaterhouseCoopers acted as External Rating Institution for SeAH Steel Corporation. SeAH Steel International Co., Ltd. completed the acquisition of 40% stake in State Pipe & Supply, Inc. from SeAH Steel Corporation (KOSE:A003030) on August 30, 2018. The court approval for the transaction has been obtained on June 11, 2018.