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Bankruptcy of Sammi group, nation’s 17th largest conglomerate, was shocking indeed. After bankruptcy, staffs of Sammi Special Steel Co. organized “Committee for promoting Plant Normalization” and worked for free for 2-3 months to save the company. In addition, suppliers decided to supply raw material on credit and distributors made the payment in advance to help normalization of the company. As a result of hard work, plant started its operation on April 22 and the company recorded highest monthly sales in 1999.
In Dec. 1999, Incheon Steel (now Hyundai Steel Co.) was named as the most preferred bidder and the company was acquired by Incheon Steel in Dec. 2000 after 34 months of court receivership. In Sep. 2000, 10 companies, including Hyundai Motor, Kia Motor, Hyundai precision (now Hyundai MOBIS), etc, were separated from Hyundai group and launched Hyundai Motor Co. After launch of Hyundai Motor Co., each affiliate began to change its name and CI to celebrate new beginning. For this reason, the company changed name to BNG Steel and unveiled new CI at the 36th year celebration in Apr.
