Posted on 23 Aug 2023
South Korean steelmaker POSCO planned to spend 888.1 billion won to acquire a 50% stake in PT Krakatau Posco. POSCO Holdings said the acquisition is to improve the efficiency of the company’s steel business as a follow-up to the physical division of the steelmaking group in March 2022.
POSCO Holdings was established in March last year as the group's holding firm for planning for future business, R&D, and investment. The steelmaking business was vertically spun off as POSCO, 100% owned by POSCO Holdings.
POSCO expected to complete the acquisition by September 30.
Source:Yieh
