Mirae Asset Daewoo Securities cars and ships and operating steel works. The South Korean state encouraged large and paternalistic conglomerates to use their capital to expand into unrelated businesses, protected by high tariff barriers and arcane regulations. In this way the car and steel giant Daewoo branched out into dealing in securities. In the 1990s this strategy hit problems as South Korea opened its markets to foreign competition and at the same time the founders of these conglomerates grew too old to run their creations and passed the reins on to their less focused children. Daewoo Securities was spun off from the Daewoo Corporation
Daewoo Motors the Matiz and the Nexia for both the local market and export, as well as the Lacetti hatchback and sedan for the domestic market only. In 1994, Daewoo acquired the Automobile Craiova company in Craiova, Romania, which was producing a derivate of the Citroën Axel model, the Oltcit Club. The company's name was changed to Romanian Daewoo Motor, abbreviated Rodae, and later Daewoo Automobile Romania. The entire production facility was refurbished to mainly produce the Cielo model and later, other models. Until 2008, it was producing the Daewoo Cielo, Matiz and Nubira models for the Romanian market, but also car