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POSCO, the nation’s top steelmaker, on Wednesday offloaded its shares in POSFINE, a slag powder producer, to a local private equity fund for an estimated 30 billion won ($27.5 million), industry sources said.
Under the deal, POSCO sold its 69.22 percent stake in POSFINE to Hahn & Co. The move came two months after POSCO had opened talks with the fund in line with its reorganization efforts.
Hahn & Co. also reportedly plans to acquire the remaining shares in POSFINE from Tongyang Cement & Energy Corp., Lafargehalla Cement Corp. and Ssangyong Cement Industry.
POSFINE saw its sales and operating profit reach 28.9 billion won and 3.7 billion won, respectively, in 2013.
Earlier this month, POSCO also sold POSCO Specialty Steel for 1.08 trillion won to SeAH Group, a specialty steel, auto parts and welding materials conglomerate. (Yonhap)
Under the deal, POSCO sold its 69.22 percent stake in POSFINE to Hahn & Co. The move came two months after POSCO had opened talks with the fund in line with its reorganization efforts.
Hahn & Co. also reportedly plans to acquire the remaining shares in POSFINE from Tongyang Cement & Energy Corp., Lafargehalla Cement Corp. and Ssangyong Cement Industry.
POSFINE saw its sales and operating profit reach 28.9 billion won and 3.7 billion won, respectively, in 2013.
Earlier this month, POSCO also sold POSCO Specialty Steel for 1.08 trillion won to SeAH Group, a specialty steel, auto parts and welding materials conglomerate. (Yonhap)
