POSCO in talks to sell specialty steel unit to SeAH Besteel

SEOUL Thu Aug 14, 2014 3:19am EDT

SEOUL Aug 14 (Reuters) - South Korean steelmaker POSCO said on Thursday it was in talks to sell its specialty steel unit to SeAH Besteel - a move that would help bolster its balance sheet.

POSCO owns a 72.1 percent stake in unlisted POSCO Specialty Steel. The holding would be worth 746 billion won ($730 million) based on the 28,700 won per share price the unit paid for some of its treasury stock earlier this year. (1 US dollar = 1,021.0000 Korean won) (Reporting by Hyunjoo Jin; Editing by Edwina Gibbs)