POSCO says Buffett wants to buy more POSCO shares

SEOUL Mon Jan 18, 2010 11:00pm EST

SEOUL Jan 19 (Reuters) - South Korea's POSCO (005490.KS) said on Tuesday U.S. investor Warren Buffett, whose investment vehicle owns 4.5 percent of the world's No.4 steelmaker, had indicated he wanted to buy more POSCO stocks.

POSCO said in a statement that the U.S. billionaire said he wanted to own more POSCO stocks after missing the opportunity to buy them on dips last year when the global financial crisis depressed equity asset values.

The comments were made while POSCO chief executive Chung Joon-yang visited Buffett's Berkshire Hathaway (BRKa.N) (BRKb.N) headquarters in Omaha, Nebraska on Monday, POSCO said.

Shares in POSCO, worth $46 billion, have enjoyed steady recovery momentum since last year, more than doubling from a 2009 low in March to hit a two-year high of 633,000 won last week.

The shares were trading up 1.2 percent at 605,000 won as of 0359 GMT, versus a 0.25 percent gain in the broader market .KS11.

(Reporting by Miyoung Kim; Editing by Jonathan Hopfner)

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