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Last Updated : 13 May 2009 at 01:30 IST

Korean POSCO inks steel MoU, stock down

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Commodity Online
POSCO Co. (SEO:005490) has announced a MoU agreement with Taihan Electric Wire Ltd. to acquire 65.1% of the Korea-based steel maker Taihan ST Co. to strengthen its competitiveness in the stainless steel business.

POSCO operates as an integrated steel producer in Korea. The agreement will make POSCO a majority stakeholder with 85% stake in Taihan ST Co. It will acquire 2,604,000 shares in the latter.

Taihan Electric Wire Ltd. after initiating asset sales recently for recapitalisation will continue to act as the 2nd highest stakeholder with a 15% stake in Taihan ST Co.

Notably, Indian political alliance Bharatiya Janata Party has alleged Biju Janata Dal and Orissa Chief Minister Naveen Patnaik for violating ethical code of conduct by allowing a mining lease to POSCO in return of funds for BJD’s election campaigns.

POSCO however lost 1.62% at Korea Stock Exchange on Monday. It touched a 52-week high of KRW607,000 and low of KRW234,500 while was last traded at KRW425,000.