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China Precision Steel, Inc. Message Board

  • a_nomia a_nomia Apr 4, 2008 7:50 PM Flag

    POSCO wants stake in chinese steel co.

    SEOUL (Reuters) - South Korea's POSCO (005490.KS: Quote, Profile, Research) said on Thursday it was considering buying a stake in a Chinese rival, as it seeks to expand its presence in the world's largest but most fragmented steel market.

    POSCO, the world's fourth-largest steel maker by output, already operates BX Steel POSCO Cold-Rolled Sheet in China, a joint venture set up with Benxi Iron and Steel in 2003, and said in January it would spend $2.5 million to form a ***car parts plant*** in China.

    "We are closely monitoring progress in China's steel industry shakeout and possible changes in the Chinese government's policy on foreign investment with a view to buy a stake in a Chinese steel company," it said in a statement.

    From CPSL's profile:
    "The company's precision products are primarily used in the manufacture of automobile parts and components..."

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