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In July 1982, Sammi group decided to change its affiliate’s name to contain Sammi to develop a sense of community and fellowship among them. KISCO also changed its name to Sammi Integrated Special Steel Co.
In the 1980s, Sammi group started to focus on M&A, expanding its affiliates to 7 (including Sammi Co and Sammi Integrated Special Steel Co) with 10 overseas affiliated company, 4 plants and 7,000 employees in 1995. The group tried to shift its core businesses to special steel by constructing Changwon plant (annual processing capacity of 600,000 tons) and taking over Atlas Co. in Canada and Al tech specialty in US.
This allowed Sammi group to become the global company with total production capacity of 1.500,000 tons. However, from the late half of 1989, group’s finance had been struggling due to the excessive business expansion, economic recession and raw material supply concerns.
The group sold a property and reduced the number of affiliates to overcome the crisis; however it was not enough to save the group.
Sammi group made strenuous efforts by selling rod and tube sectors to POSCO Specialty Steel. Despite all these efforts, the group went bankrupt on March 19 1997.
