ACE Steel Co., Ltd. announced a private placement of 2,840,000 common shares at KRW 5,000 per share with new investor, Korea Cast Iron Pipe Ind. Co., Ltd. for gross proceeds of KRW 14,200,000,000 on October 20, 2015. The investor will acquire 100% stake in the company through this transaction.

The company reported total assets of KRW 15,697,000,000, total liabilities of KRW 32,832,000,000, total capital of KRW -17,134,000,000, capital of KRW 1,120,000,000, sales of KRW 11,067,000,000, and net loss of KRW 1,501,000,000 for the year ending December 31, 2014.