Key Developments: Posco (PKX)
72.66USD
21 May 2013
$-0.34 (-0.47%)
$72.42
$72.81
$72.97
$72.20
270,110
284,766
$87.04
$68.00
Latest Key Developments (Source: Significant Developments)
Jindal Stainless Ltd And Posco Sign Stainless Steel Deal-The Economic Times
The Economic Times reported that Jindal Stainless Ltd (JSL) has entered into a strategic agreement with Korean steelmaker Posco, which will help JSL stabilise production of alloy used in cars and home appliances. Under the agreement to be announced on April 10, 2013, JSL will sell stainless steel to be rerolled at Posco's South East Asia units, according to two persons in the know of the development. The commercial value of the offtake agreement could not be ascertained. Full Article
POSCO Announces Appointment of New Co-CEOs
POSCO announced that it has appointed Park Gi Hong, Kim Jun Sik and Jang Yin Hwan as its new Co-Chief Executive Officers (Co-CEOs), replacing Park Han Yong, effective March 22, 2013. The current Co-CEO, Jung Jun Yang, continues his duty as Co-CEO at the Company. Full Article
POSCO Declares Annual Cash Dividend for FY 2012
POSCO announced that it has declared an annual cash dividend of KRW 6,000 per share of common stock to shareholders of record on December 31, 2012 for the fiscal year 2012. The dividend rate of market price is 1.70% and the total amount of the cash dividend is KRW 463,466,664,000. The dividend is expected to be paid on April 11, 2013. The Company's annual cash dividend for fiscal year 2011 was KRW 7,500 per share. Full Article
POSCO Issues FY 2013 Revenue Outlook Below Analysts' Estimates
POSCO announced that it expects its fiscal year 2013 revenue to record KRW 32 trillion. According to According to I/B/E/S, analysts on average are expecting the Company to report revenue of KRW 34,302.69 billion for fiscal year 2013. Full Article
POSCO, China Steel Corp, Consortium Buys $1.1 Billion Stake In Arcelormittal Operator-Reuters
Reuters reported that A consortium which includes POSCO has agreed to buy a 15% stake in a Canadian iron ore mine operator controlled by ArcelorMittal for $1.1 billion. A POSCO spokeswoman confirmed a consortium involving POSCO signed a stock purchase agreement to acquire a stake in the iron ore mine operator, but declined to elaborate on details. South Korean wire service Yonhap Infomax reported, the consortium includes China Steel Corp, which will share a $540 million payment with POSCO. The remaining $560 million is expected to be paid by financial investors including the National Pension Service. Full Article
POSCO-Thainox PCL Announces Stake Investment by Individual from POSCO
POSCO-Thainox PCL, a 79.532% owned subsidiary of POSCO, announced that POSCO has sold 10% stake or 779,570,000 shares of the Company to Mr. Chalermchai Mahagitsiri, worth THB 1.35019 per share or a total value of THB 1,052,567,618.30. Upon completion, POSCO holds 69.532% interest in the Company. Full Article
POSCO In Exclusive Talks For ArcelorMittal Canada Mine Stake-Reuters
Reuters reported that POSCO has secured exclusive negotiating rights to acquire a stake in a Canadian iron ore mine operator controlled by ArcelorMittal. POSCO is seeking to form a consortium to buy the stake with South Korea's National Pension Service and other investors, the source said, but declined to elaborate on the size of the planned stake. The Korea Economic Daily reported on Tuesday that POSCO has been picked as the preferred bidder for a 15% stake in ArcelorMittal Mines Canada, a deal expected to be worth more than $1 billion. Full Article
POSCO to Acquire Stake in DAEHO P&C CO., LTD
DAEHO P&C CO., LTD announced that POSCO has acquired 7,821,489 shares of the Company, representing a 15.86% stake. Full Article
POSCO To Set Up World-class Steel Plant In Odisha-The Economic Times
The Economic Times reported that Notwithstanding delays in the implementation of its INR52,000 crore (INR520 billion) project in Odisha, POSCO said the company is determined to establish a world class steel facility near Paradip. Full Article
POSCO Consortium Eyes $1 Billion Stake From ArcelorMittal-Reuters
Reuters reported that A consortium including POSCO is seeking to acquire a roughly $1 billion stake in a Canadian iron ore mine operator controlled by ArcelorMittal South Korean financial publication Money Today reported. The bidding group seeks to acquire about a 10% stake in ArcelorMittal Mines Canada, with POSCO looking to invest $200-300 million and the rest coming from its partners, Money Today said. Morgan Stanley is advising POSCO, it said. A POSCO spokeswoman said the Company was studying the possibility of buying a stake in the operator, but nothing had been decided yet. ArcelorMittal is exploring the sale of a minority stake in its Canadian iron ore business. Full Article
Brazil's CSN could see Asian partners exit Namisa unit -report
SAO PAULO, May 21 - A group of Asian steelmakers that owns 40 percent of Brazilian iron ore producer Namisa could exercise an option to sell their stake to majority shareholder CSN as early as July, Valor Econômico newspaper reported on Tuesday.
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