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May 14th, 2009
- Acquisitions
Seoul Korea - POSCO buys 65 percent of stainless firm Taihan ST
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South Korea's POSCO said on Tuesday it had agreed to buy a 65 percent stake of Taihan ST Co. to boost its stake in the stainless steel maker to 85 percent, as it seeks to tighten supplies in an oversupplied domestic market. "The deal would help stabilize domestic stainless steel market, as we plan to maintain flexibility in operating its plants," POSCO said in a statement.
The cold-rolled stainless steel company was set up in 2007 by POSCO and Taihan Electric Wire, with POSCO investing a 19.9 percent stake in the company and Taihan controlling 80.1 percent.
Taihan Electric Wire, which has sought asset sales in recent months for recapitalization, will remain as the second-largest shareholder with a 15 percent stake.
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