KISCO Holdings said on 30 October 2026 that it would buy out minority shareholders in Korea Steel, offering ₩13,000 a share in cash for up to ₩111.7bn before folding any remaining shares into a share exchange.
Why KISCO Holdings Co., Ltd. is buying Korea Steel Co., Ltd. (KISCO) – minority shares
KISCO Holdings said Korea Steel's profitability had deteriorated because of weak demand from downstream industries and that full ownership would allow faster decisions and a medium- to long-term business restructuring. It also cited thin trading in Korea Steel shares and the structural discount arising from both companies being listed.
Deal terms and financing
The tender offer covers every Korea Steel share not held by KISCO Holdings, excluding 5,863,407 treasury shares. Shareholders who do not tender will receive 0.4261670 new KISCO Holdings share for each Korea Steel share in the exchange, with no premium or discount applied to the statutory reference prices. Dissenting shareholders will have appraisal rights.
Regulatory approvals and timing
The share exchange needs special resolutions at the shareholder meetings of both companies, planned for 29 January 2027. The Korea Exchange suspended trading in KISCO Holdings shares from the afternoon of 30 October until 2 November pending the disclosure.
Market context
KISCO Holdings was created in 2008 by splitting Korea Steel, a maker of steel bars and ferroalloys based in Changwon, to act as the group's holding company. Both companies have recently bought back and cancelled shares to address low valuations.
