ID :
193473
Thu, 07/07/2011 - 12:22
Auther :
Shortlink :
https://www.oananews.org//node/193473
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POSCO offers to buy Thainox Stainless
SEOUL, July 7 (Yonhap) -- South Korea's leading steelmaker POSCO said Thursday that it offered to buy Thainox Stainless Pcl. of Thailand, the latest in a series of acquisitions sought after by the world's third-largest steelmaker.
POSCO has been seeking to take over Thainox Stainless, Southeast Asia's largest stainless steel producer, as part of efforts to boost its presence in the region, but negotiations have been stalled due to political unrest in Thailand and differences over price.
POSCO, which already owns a 15 percent stake in Thainox Stainless, said it offered to buy the remaining stake, which is expected to cost around 500 billion won (US$470 million).
Thainox Stainless, established in 1990, has an annual capacity of 300,000 tons of cold-rolled stainless steel.
POSCO has been pursuing acquisitions at home and abroad to boost revenue and to catch up with foreign rivals.
Over the past year, POSCO has taken over Asia Stainless Corp. in Vietnam and Taihan ST Corp. in South Korea.
Last year, POSCO also bought a 68 percent stake in Daewoo International Corp., a South Korean trading firm, for 3.37 trillion won to expand its sales network and gain raw materials as prices climb.
However, the steel giant failed last month to acquire Korea Express Co., South Korea's leading logistics firm.
Shares of POSCO closed at 464,500 won on the Seoul bourse, down 0.32 percent.
POSCO has been seeking to take over Thainox Stainless, Southeast Asia's largest stainless steel producer, as part of efforts to boost its presence in the region, but negotiations have been stalled due to political unrest in Thailand and differences over price.
POSCO, which already owns a 15 percent stake in Thainox Stainless, said it offered to buy the remaining stake, which is expected to cost around 500 billion won (US$470 million).
Thainox Stainless, established in 1990, has an annual capacity of 300,000 tons of cold-rolled stainless steel.
POSCO has been pursuing acquisitions at home and abroad to boost revenue and to catch up with foreign rivals.
Over the past year, POSCO has taken over Asia Stainless Corp. in Vietnam and Taihan ST Corp. in South Korea.
Last year, POSCO also bought a 68 percent stake in Daewoo International Corp., a South Korean trading firm, for 3.37 trillion won to expand its sales network and gain raw materials as prices climb.
However, the steel giant failed last month to acquire Korea Express Co., South Korea's leading logistics firm.
Shares of POSCO closed at 464,500 won on the Seoul bourse, down 0.32 percent.
