Extension and Increase in Stock Repurchase Program

On August 7, 2012, the Board of Directors (the "Board") of MagnaChip Semiconductor Corporation (the "Company") approved an extension of its existing stock repurchase program through October 27, 2013. The stock repurchase program, originally adopted effective October 27, 2011, had been scheduled to terminate on October 27, 2012. The Board also increased the total amount of common stock the Company may purchase under the stock repurchase program by an additional $25 million, subject to applicable legal and contractual restrictions, for a maximum aggregate repurchase amount under the program of up to $60 million. As of June 30, 2012, the Company had repurchased an aggregate amount of $28.7 million of common stock under the program.

The repurchase program does not obligate the Company to repurchase a minimum number of shares, and the program may be commenced, suspended, canceled or resumed at any time without prior notice. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company's common stock and other factors, and subject to contractual restrictions and restrictions under applicable law and regulations.

On August 13, 2012, the Company issued a press release announcing the extension and increase in the stock repurchase program. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

(d) Exhibits.

The following exhibit is furnished as part of this report:

Exhibit
  No.                                     Description

99.1         Press release for MagnaChip Semiconductor Corporation dated August 13,
             2012, announcing the extension of its stock repurchase program.