POSCO will sign deal to buy Thainox this week: president

SEOUL, Dec. 21 (Yonhap) -- The president of POSCO, South Korea's leading
steelmaker, said Monday the company will lock in a deal this week to take over
its Thai counterpart.

"The chairman of Thainox Stainless Plc. will come here tomorrow. We should
conclude on the deal," Lee Dong-hee said in a meeting with reporters.
POSCO bought a 15 percent stake in Thainox Stainless in 2006 and is seeking to
take over the largest stainless steel producer in Southeast Asia.
Chung Joon-yang, chief executive of POSCO, said the deal is ongoing and not yet
sealed.
In the same conference, Lee also said that a project to build a steel mill in
India is progressing more rapidly than expected. POSCO is seeking to build the
US$12 billion mill in the province of Orissa, which would be South Korea's
biggest single foreign direct investment project in India.
In June 2005, the South Korean steelmaker signed a preliminary deal with the
Orissa government on the project, but it has met with stiff opposition from local
residents. POSCO is expected to break ground for the steel mill early next year.
ksnam@yna.co.kr
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