SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s No. 3 conglomerate SK Group said Monday it plans to have all its affiliates adopt a new wage system by next year, in line with the government’s effort to boost the labor market. Under the wage peak system, employees accept a reduced salary in exchange for working for [...]
SEOUL, Jul. 2 (Korea Bizwire) — POSCO signed a Share Purchase Agreement (“SPA”) with the Public Investment Fund (“PIF”) of Saudi Arabia for sale of POSCO E&C shares. The transaction brings in KRW1.24 trillion of foreign investment into Korea. On June 15, 2015, POSCO Chairman Kwon Oh-joon and PIF Secretary General Abdulrahman M. Al Mofadhi [...]
SEOUL, Jun. 11 (Korea Bizwire) — Posco Group and its main subsidiary Daewoo International are battling over the sale of a gas field in Myanmar that is the main cash cow for Daewoo International. As Posco Group undertook plans to sell the gas field without consulting executive members of Daewoo International, Jeon Byeong Eal, CEO [...]
SEOUL, May 17 (Korea Bizwire) — POSCO Co., South Korea’s largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia’s sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said Sunday. POSCO was supposed to complete the deal with the Public Investment Fund (PIF) [...]
SEOUL, April 8 (Korea Bizwire) – Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Wednesday that its board approved a deal to take over Hyundai Hysco Co., a move expected to increase synergy between the two companies. The takeover deal was approved at a board meeting held earlier in the day, Hyundai Steel said in [...]
SEOUL, April 1 (Korea Bizwire) — Berkshire Hathaway, led by U.S. billionaire investor Warren Buffet, has sold its entire stake in POSCO, local media reported Wednesday, raising speculation that the sell-off might have been prompted by concerns over the South Korean steelmaker’s cloudy business outlook. Maeil Business Newspaper and other local media reports showed that [...]
SEOUL, March 20 (Korea Bizwire) – POSCO Engineering & Construction Co. (POSCO E&C) appears to have embezzled part of the slush fund it created in the overseas branch in Vietnam, prosecutors said Friday. An internal audit within the company had found that several POSCO E&C officials, including some executives, operated a slush fund worth about 10 [...]
SEOUL, Mar. 16 (Korea Bizwire) — Several current and former executives of POSCO Engineering & Construction Co. (POSCO E&C) and its parent steelmaker POSCO will be summoned soon for questioning over their alleged role in the creation of an overseas slush fund, prosecutors said Monday. Late last month, the construction arm of South Korea’s top [...]
SEOUL, March 4 (Korea Bizwire) — POSCO, South Korea’s largest steelmaker, said Wednesday that it has signed a tentative deal with a sovereign fund of Saudi Arabia to push for “comprehensive” cooperation that includes construction and automaking. The tie-up was promised under a memorandum of understanding signed by POSCO CEO Kwon Oh-joon and Abdulrahman Al [...]
SEOUL, Feb. 5 (Korea Bizwire) – POSCO, South Korea’s top steelmaker, said Thursday that it will focus on improving its financial structure this year by reducing investment and selling assets and equity holdings, following lackluster earnings results for last year. POSCO plans to invest 4.2 trillion won (US$3.9 billion) group-wide this year, down 1.2 trillion [...]