Lee Woon-hyung, chairman of SeAh Steel Corporation, the core subsidiary of steel producer SeAh Group, died of cardiac failure during an overseas business trip on Sunday.

The 66-year-old businessman was on his way to Chile when he suffered a sudden heart attack and died almost instantly, according to officials.

Born in 1947 as the younger son of founder Lee Jong-duk, Lee joined the group in 1974 and has been leading the Busan-based steelmaker since 1995.

Specializing in steel pipe production, the company recorded 2.5 trillion won ($2.2 billion) in sales and 173.4 billion won in profits last year.

Lee was also widely known for his love of art and generous sponsorship. He served as the first chairman of the National Opera of Korea from 2000-2007 and was scheduled to attend a meeting with Chilean opera authorities during the unfulfilled trip.

By Bae Hyun-jung (tellme@heraldcorp.com)