InfoAnda - POSCO to tap Africa,Siberia,poles for resources-chairman

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World POSCO to tap Africa,Siberia,poles for resources-chairman Reuters - Tuesday, January 4 Send IM Story Print SEOUL, Jan 3 - POSCO <005490.KS>, the world's No.3 steelmaker, said on Monday that it will develop resources in Africa, Siberia and polar areas to achieve 200 trillion won in total group sales in 2020. POSCO -- South Korea's No.6 group in terms of assets with 58 subsidiaries -- said it aimed to achieve 120 trillion won of the total target from its steel business, 60 trillion won from energy, chemical, engineering and construction, and the remainder from new sectors, including environment-friendly business. The group's 2010 sales results are not yet available, while its 2009 sales cannot be compared as they exclude Daewoo International Corp <047050.KS>, which was acquired by POSCO last year. "To achieve these targets, POSCO businesses will be expanded into Africa, Siberia and polar regions by focusing on resources development on top of Southeast Asia and America, where the group has a steel business foothold," Chief Executive Chung Joon-yang said in a New Year speech. Asked how POSCO would achieve the competitiveness to develop resources in harsh frontier areas, POSCO spokesman Choi Doo-jin said it had not yet been decided. "We plan to tap these areas as resources are known to be undeveloped there," Choi said. Last December, POSCO said it planned to review entering a bid for a controlling stake worth about $1 billion in Korea Express Co Ltd <000120.KS>, a deal that would complement POSCO's recent acquisition of the country's top trading firm and reduce logistics costs. [ID:nTOE6BK00Q] The deal, if it moves forward, would be the second major acquisition by POSCO after the $3 billion purchase of Daewoo International, its biggest ever M&A. [ID:nSEO178990] [ID:nTOE64O07L] Chung has hailed a record 9 trillion won investment and acquisition spree in 2010 after the group failed in 2008 to land Daewoo Shipbuilding & Marine Engineering Co Ltd <042660.KS>, one of its major customers. POSCO is still seen as a leading contender to buy Daewoo Shipbuilding, the world's second-biggest ship maker, to be put up for sale again soon despite concerns raised by billionaire investor Warren Buffett, whose Berkshire Hathaway <BRKa.N> <BRKb.N> is POSCO's major shareholder. [ID:nTOE62M09F] Shares in POSCO closed down 0.21 percent at 486,000 won on Monday, underperforming the record closing high of the broader market <.KS11>. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 21 minutes ago Wall Street opens 2011 higher on data, January effect Reuters - 21 minutes ago US STOCKS-Wall St opens 2011 higher on data, January effect Reuters - 22 minutes ago Instant view: Manufacturing sector grows in December Reuters - 40 minutes ago US STOCKS SNAPSHOT-Wall St holds gains after factory data Reuters - 54 minutes ago News Search Top Stories EU investigates controversial Hungary tax Goldman 'values Facebook at $50 billion' Goldman deal 'values Facebook at $50 billion' No immediate plans to merge Fiat and Chrysler: CEO Online travel firm Expedia drops American Airlines More Top Stories » ADVERTISEMENT Most Popular Most Viewed Falling blackbirds baffle Arkansas officials Hasta la Vista: Arnie quits as California governor New smoking laws takes force in Spain Viking wolves return for first solar eclipse of 2011 Spain lotto winner nearly loses millions by tossing tickets More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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