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POSCO seeks to sell specialty steel unit

South Korea based steelmaker POSCO is in talks to spin off its specialty steel unit to SeAH Besteel, which is seen to improve its financial performance.

As an unlisted affiliated enterprise, POSCO Specialty Steel’s 72.1% share was owned by POSCO this holding worth KRW 746 billion at the moment.

As world’s fourth largest steelmaker by output, recent years Posco has been making effort to bolster its balance sheet. It has just closed its 1st 0.6 million tonnes per year FINEX plant in early August.

Source – yieh

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