Pakistan’s Steel industry news and business
Wednesday February 21st 2018




Posco close to clinching Daewoo International

Posco on Friday was chosen as the preferred bidder to buy Daewoo International, a South Korean trader and resource developer, for about $3bn as South Korea’s biggest steelmaker accelerates its international hunt for natural resources to secure a stable supply of raw materials.

Posco beat Lotte Group, operator of one of South Korea’s biggest retailers, in the race to buy 68 per cent of Daewoo International. The stake, which was put on the block in the second half of last year, is currently held by nine local financial institutions, led by state-run Korea Asset Management Corp. [Read More]