The head of South Korea's third-largest steelmaker received a 42-month jail term Thursday for gambling abroad with millions of dollars he embezzled.

The Seoul Central District Court also ordered Chang Sae-joo, chairman of Dongkuk Steel Mill Co., to pay a fine of 10 million won ($8,600) and forfeit another 510 million won.

The 62-year-old was indicted in May on charges of misappropriating more than 20 billion won from the company since 2003 and using part of it to gamble in Las Vegas.

"The defendant's crime incurred 12.7 billion won in losses to the company," Judge Hyun Yong-sun said.

It is the second time Chang has been arrested on gambling charges. Prosecutors detained him in 1990 for gambling in Macau. (Yonhap)