South Korea's top steelmaker POSCO will acquire a 50 percent stake in an Indonesian affiliate in an effort to boost the efficiency of its steel business, the steel giant's parent firm said Friday.
POSCO is slated to purchase 739,900 shares in PT.Krakatau POSCO for 888.1 billion won (US$663 million) on Sept. 30, POSCO Holdings Inc. said in a regulatory filing.
The purpose of the stake purchase is designed to help make its steel business more efficient as a follow-up on last year's physical division of the steelmaking group, POSCO Holdings said.
In March 2022, POSCO Group launched POSCO Holdings as the group's holding firm through a physical division as part of efforts to reorganize its future business portfolio.
POSCO Holdings owns 100 percent of steelmaker POSCO, which has retained its company name after the division but has gone private.
Source: Yonhap News Agency