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 [...]
SEOUL, Jan. 30 (Korea Bizwire) — POSCO has been actively involved in the rehabilitation of people in Mozambique by teaching agricultural skills based on Saemaul Undong, or New Community Movement, which former President Park Chung-hee introduced in Korea in 1970s. Together with KOICA, it runs the Mozambique Saemaul Agricultural Training Center, which offers instruction in farming [...]
“POSCO will help India make the leap towards becoming a core base in the automobile and components industry, and POSCO will play a role in the achievement of the ‘Made in India’ vision, which contains the will of the Indian government to invigorate the manufacturing sector. By going beyond being a simple steel supplier, POSCO [...]
SEOUL, Nov. 8 (Korea Bizwire) – POSCO announced on November 6 that it launched KP SE, a social enterprise in Cilegon, Indonesia, on the 4th. The POSCO Foundation and the Korea International Cooperation Agency (KOICA) jointly established the enterprise supported by Krakatau POSCO which has a lot of management experience. The Korea’s steel maker will outsource tasks [...]