Hyundai Chairman Chung Biggest Steel Stockholder

By Park Hyong-ki

Staff Reporter

Contrary to the popular belief that POSCO CEO Lee Ku-taek is considered the country's ``steel man'' in the corporate community, such a title should be given to Chung Mong-koo, chairman of Hyundai Automotive Group, in the world of stocks.

According to chaebul.com, an online information site about Korean business tycoons, Chung is the richest shareholder of steel and metal companies. There are 42 steel and metal firms listed on the benchmark KOSPI and the tech-heavy Kosdaq markets.

The site said Chung holds a 12.58 percent stake in the No.2 steel maker Hyundai Steel, and a 10 percent stake in Hyundai Hysco, a producer of automotive steel and steel pipes. Both companies are affiliates of Chung's Hyundai Automotive. His total steel shareholdings amounted to some 880 billion won as of Wednesday.

If adding his shareholdings of Hyundai Motor, Hyundai Mobis ― an auto parts unit, and Glovis ― a logistics unit, his cumulative stocks are worth over 2.6 trillion won.

Meanwhile, Lee, POSCO's chief executive whom the Australian National University referred to as ``a man who melts steel with his smile,'' only holds company shares worth about 1 billion won after buying back shares in January, ranking 136th among business executives.

Topping Lee was Dongkuk Steel Chairman Chang Sae-joo and his brother, Dongkuk Steel Vice President Seh-wook, who hold a 15.26 percent and a 10.21 percent stake in the No.3 steel maker, respectively. Their total shareholdings are worth about 683 billion won, following behind Chung.

Ranking as the fourth largest shareholder of a steel company is Jang Se-hong, the second son of Korea Iron & Steel CEO Jang Sang-don. The junior Jang owns 15.2 percent of the company, or about 143 billion won. He runs the company with his father as a co-chief executive officer, while concurrently operating as a managing director.

After Jang, Chang Se-jun, the eldest son of Young Poong Chairman Chang Hyung-chin, holds a 16.89 percent stake in the producer of non-ferrous metals.

Chaebul.com said there are a total of 56 chaebol and their scions, who each own shares of listed-steel and metal companies worth over 10 billion won.

phk@koreatimes.co.kr