“With creditors’ debt-to-equity swap plan and improved earnings of the company amid business conditions in the steel industry, M&A attempts have been stopped,” the company said in a regulatory filing.
|Dongbu Group headquarters in Seoul (Yonhap)|
Its main creditor Korea Development Bank has been struggling to find a suitor for the steelmaker due to lack of interest from potential buyers.
Dongbu Steel was put up for sale in October last year, when it was placed under a debt workout program led by its creditors.
By Kim Yoon-mi (firstname.lastname@example.org)