POSCO, the country’s No. 1 steelmaker, said on Thursday that it will be selling off its stakes in three affiliates in a bid to improve its financial circumstances.

The company will be selling parts of its holdings in the liquefied natural gas terminal in Gwangyang, and also spin off POSFINE, a company that sells ground blast-furnace slag to cement companies, and POSCO Uruguay S.A.

“If the sales take place without complications, it will mark the first step in POSCO’s new strategy to focus on key business areas, while straightening its financial standing,” the steelmaker said.

Under the direction of a new CEO, POSCO has been looking for ways to streamline amid sluggish global steel market conditions.

Deutsche Bank has been tapped to handle the sale of the LNG terminal stakes, with Samil PricewaterhouseCoopers and Deloitte Anjin LLC designated to arrange the stake sales of POSFINE and POSCO Uruguay, respectively.

(hnpark@heraldcorp.com)