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POSCO eyes Ukraine steel, shipyard assets-source

Thu Aug 21, 2008 9:01pm EDT

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SEOUL, Aug 22 (Reuters) - South Korea's POSCO (005490.KS), the world's No.4 steelmaker, is considering investing in iron ore, steel mill and shipyard assets in Ukraine, a source close to the situation said on Friday.

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The plan is a strategic option that POSCO is considering to improve synergies from its potential takeover of Daewoo Shipbuilding (042660.KS), the source said.

"POSCO signed a letter of intent to invest in Ukraine assets and is also looking into the Middle East for a similar deal, as they could improve synergies from the Daewoo deal," the source said. (Reporting by Miyoung Kim; editing by Jonathan Hopfner)

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