There are now 24 companies subject to the so-called "one-shot" act, as part of the Seoul government's efforts to speed up corporate restructuring in the shaky industries, including shipbuilding, steel and petrochemicals.

The ministry said LS Metal will sell off its copperplate lines and expand stainless steel facilities in order to keep up with a changing global trend, while Kahn PI will also make efforts to diversify its business portfolio.

"Since August last year, about four to five companies took the fast-track process every month to go through reorganizing and reforming," the government said. "The one-shot act has settled well."

The law came into effect in August last year to help businesses conduct intra-corporate mergers and spinoffs through simplified procedures that included exemptions from strict antitrust laws and financial market regulations. They will also be given tax benefits and subsidies for research and development on corporate restructuring.

Under the new law, the companies that want to benefit from the fast-track corporate restructuring procedures are required to win government approval. (Yonhap)