Most of the posts highlight what I am focused on and express work and personal experience. Reason I put them here - recall later or help someone else with similar challenge.
The very first step (from total two) you can do in Disk utility .cdr file. Go Applications → Utilities → Disk Utility. Click File → New Image → Image from Folder and select the folder you need to burn (or simply using shortcut ⇧ + ⌘ + N). Make sure you have image format changed to "DVD/CD master" and encryption is none!
Second step is to have this .cdr converted to .iso
hdiutil makehybrid -iso -joliet -o drivers.iso drivers.dmg.cdr
P.S. hdiutil uses the DiskImages framework to manipulate disk images. Common verbs include attach, detach, verify, create, convert, and compact.