POSCO says Buffett interested in buying more shares

SEOUL, Jan. 19 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Tuesday
that U.S. investor Warren Buffett has expressed an interest in buying more shares
of the company
Buffett's investment vehicle currently owns 4.5 percent of POSCO, also the
world's No. 4 steelmaker. The famed investor met on Monday with Chung Joon-Yang,
the company's CEO, at the Berkshire Hathaway headquarters in Omaha, Nebraska,
according to the steelmaker.
In their meeting, Buffett said he should have purchased more POSCO shares last
year when the global financial crisis hurt equity asset values, POSCO said.
Shares of the steelmaker closed at 604,000 won (US$536) on the Seoul bourse, up 1
percent.
The company is set to benefit from rising demand from automakers and
shipbuilders. It set its annual production target at 34.4 million tons for this
year, up 16.6 percent from last year, and increased its annual sales production
by 9.3 percent to 29.5 trillion won.
POSCO also said it plans to spend 9.3 trillion won this year on facilities, up 93
percent from last year.
Chung left Seoul for Omaha on Sunday, and will meet with analysts and investors
in New York later Tuesday.
sam@yna.co.kr
(END)