POSCO : Notice of Exclusion of Subsidiary in Holding Company - Form 6-K
October 31, 2022 at 08:42 pm IST
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Notice of Exclusion of Subsidiary in Holding Company
1. Details of subsidiary
A. Company name
POSCO HY Clean Metal Co., Ltd
B. Representative
Chi, Woo-Hwang
C. Main business
Secondary battery recycling
A. Financial status of latest fiscal year (million KRW)
Total assets
127,892
Total liabilities
9,967
Total shareholders' equity
117,925
Capital stock
120,000
2. Shareholding ratio of subsidiary
Before exclusion
Shares held
15,600,000
Shareholding ratio (%)
65.0
After exclusion
Shares held
-
Shareholding ratio (%)
-
3. Percentage of value of shares held to total assets
Before exclusion
Value of shares held (million KRW)
78,000
Percentage in total assets (%)
0.1
After exclusion
Value of shares held (million KRW)
-
Percentage in total assets (%)
-
4. Total number of subsidiaries
Before exclusion
17
After exclusion
16
5. Reasons for exclusion
Disposal of equity
6. Date of exclusion
October 31, 2022
7. Date of board resolution (decision date)
August 11, 2022
8. Other matters to be factored into investment decisions
• HY Clean Metal which is a subsidiary of POSCO HOLDING will change its status to sub-subsidiary as its business will be controlled by POSCO-GS Eco materials which is soon to be incorporated as a subsidiary of POSCO HOLDINGS. However, under the Fair Trade Act, its status as an affiliate of business group and consolidated company will be remained the same.
• 'Percentage in total assets' before and after inclusion under 3. 'Percentage of value of shares held to total assets' is the share of the acquisition value to the total assets of the financial statements of POSCO HOLDINGS after the Spin-off (on Quarterly Report of 1st quarter of 2022)
• Above '6. Date of exclusion' is the date when the investment in kind was conducted..
• Above '7. Date of board resolution (decision date)' is resolution date of investment committee, a corporate's in-house investment decision-making organization.
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POSCO Holdings Inc. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 15:11:01 UTC.
Posco Holdings Inc, formerly Posco, is a Korea-based company principally engaged in the manufacture and distribution of steel products. The Company operates its business through four segments. The Steel segment produces and sells steel products such as hot rolled steel, cold rolled steel, stainless steel, among others. The Trading segment engages in the global trade, including the export and import of steel products. The Engineering and Construction (E&C) segment plans, designs and builds industrial plants, civil engineering projects, commercial and residential buildings. The Other segment is engaged in the power plants, information and communication related services and other businesses.