InfoAnda - SKorea's POSCO mulls Vietnam steel mill takeover

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's POSCO mulls Vietnam steel mill takeover AFP - Thursday, July 16 SEOUL (AFP) - - South Korea's largest steelmaker POSCO has said it is mulling taking over a Vietnamese stainless steel mill as part of a drive to expand in Southeast Asia. ADVERTISEMENT "POSCO is considering acquiring Asia Stainless Corp in Vietnam," spokeswoman Choi Youn-Joung told AFP, but refused to disclose further details. POSCO's board will decide Friday whether to approve the takeover, according to other officials at the Korean firm. They said the company, the world's fourth largest steelmaker, is looking to use its ample liquidity to acquire more firms at home and abroad. Yonhap news agency, quoting industry sources, said POSCO may pay about 50 million dollars for the Vietnamese firm, which produces 90,000 tons of stainless steel annually. In a separate deal, POSCO in May signed a memorandum of understanding with Vietnam Steel Corporation on a joint venture to produce up to one million tons of steel annually, according to POSCO officials. The Korea Economic Daily said Thursday the company is also eyeing an Indonesian steel mill. POSCO officials refused to comment. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business WRAPUP 1-China Q2 growth quickens, 8 pct 2009 goal in sightReuters - Thursday, July 16 VietinBank shares limit down on debut, above IPOReuters - Thursday, July 16 Nikkei up 2.2 pct on US earnings hopes, Mazda jumpsReuters - Thursday, July 16 RPT-Asia Crude-India's ONGC offers Sept Nile BlendReuters - Thursday, July 16 HK shares open up 2.4 pct; Sinotruk jumpsReuters - Thursday, July 16 Most Popular – Business Viewed Jackson wasn't ready for London comeback: father Coroners seek records from Jackson skin doctor Jackson 'best father' ever, daughter tells the world Miniskirts, cleavage upset male SKoreans: survey Bangladesh crackdown on 'kings of genies' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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