Markets: Mixed markets in Asia on U.S. data, abandoned Rio bid Nov 26, 2008
4 percent, Posco, the biggest South Korean steel maker, rose 3. 1 percent and Dongbu Steel was up 1. (International Herald Tribune)
Asian stocks jump as commodity prices rally Nov 25, 2008
Posco, Asias third-largest steelmaker, added 9. 4% in Seoul. (Sydney Morning Herald -- Business)
BHP dumps $58 billion Rio bid Nov 25, 2008
"However, how much the news will help share prices of steelmakers like POSCO still remains to be seen. We will have to watch U.S. steelmakers for reaction to it.". (Reporting by James Regan, with contributions from Reuters bureaux; Editing by Jean Yoon). (International Herald Tribune)
Asian markets rise on Citigroup rescue Nov 25, 2008
9 percent, and Posco, the biggest South Korean steel maker, up 7. 2 percent. (International Herald Tribune)
Boart's long year Nov 24, 2008
Ironically, the former boss of Macarthur coal, Ken Talbot, who sold out to Arcelor Mittal and Korean company Posco at the top of the market for $20 a share - it's now $3. 20 - is looking particularly sage, although he wore some flak at the time. (Sydney Morning Herald -- Business)
What the Best Money Managers Are Doing Now Nov 23, 2008
The fund also added to core positions in POSCO (NYSE: PKX) and Nabors Industries (NYSE: NBR) ... Pfizer and POSCO are Income Investor choices. (MSNBC -- Business)
Vale taps Korea for $1.6b loan Nov 20, 2008
Vale taps Korea for $1. Welcome to The Sydney Morning Herald. (Sydney Morning Herald -- Business)
Betting On Buffett Nov 20, 2008
For example, it does not routinely disclose information in its 13-F filings about its stake in Posco (nyse: - - ), a South Korean steelmaker, or Tesco (nasdaq: - - ), a British supermarket. In addition, the U.S. Securities and Exchange Commission often allows Berkshire to file confidentially on certain holdings to thwart copycat investing. (Forbes)
Posco ups stake in Murchison Nov 18, 2008
Korean steelmaker POSCO has increased its stake in iron ore miner Murchison Metals Ltd.. The Korean's wholly-owned subsidiary and second largest shareholder, POSCO Australia Pty Ltd, has increased its stake to 12 ... "We are always pleased when one of our investors, especially one as big as POSCO, adds to their shareholding," Murchison executive chairman Paul Kopejtka said in a statement. (The Age)
CSN Presents Net Revenue of R$4.0 Billion and EBITDA of R$2.1 Billion, Both Record Figures of the Company in the 3Q08 Nov 15, 2008
- After the close of the third quarter, CSN announced the conclusion of negotiations and the execution of the main contracts related to the establishment of a strategic partnership with a consortium comprising ITOCHU Corporation, Nippon Steel Corporation, JFE Steel Corporation, POSCO, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., and Nisshin Steel Co., Ltd. involving the alienation of 40% of NAMISA's capital stock for US$3. 12 billion to that consortium. (PR Newswire)
POSCO eyes new Vietnam sites Nov 14, 2008
HANOI: Vietnam has rejected a proposal by South Korean steel maker POSCO to build a $5 billion steel mill due to fears it would hurt the environment in Vietnam's most popular resort area, state media reported. Prime Minister Nguyen Tan Dung asked authorities in the southcentral province of Khanh Hoa to request POSCO choose another site for their project, the online newspaper VietnamNet (vietnamnet ... A POSCO spokeswoman said it was considering other sites for the project and talking to the... (India Times)
Accera plans to sell drug next year Nov 13, 2008
The Broomfield-based biotechnology company won the Series C financing from a group of investors led by Inventages Venture Capital SA. and joined by San Diego-based POSCO BioVentures and other previous private investors. Axona is what attracted the investment round. (Denver Business Journal, CO)
Uzbekistan: South Korean Firm Inks Energy Deal with Tashkent Nov 12, 2008
KNOC initially owned a 20 percent stake, but transferred just under half of its interest to Korean steel giant POSCO in 2007. Posted November 11, 2008. (EurasiaNet.org)
Lingle, Aiona release itineraries for Asia trips Nov 12, 2008
Lt. Gov. Aiona, Seoul; interview with Korea Herald newspaper; interview with Luxury magazine; meeting with POSCO Engineering ruction, Ho-Sup Kim, executive vice president, energy engineering and construction division; meeting with Dongbu Insurance Co., Soon Hwan Kim, president and chief executive officer; "Hawai'i: For Business ure" seminar organized by Department of Business, Economic Development and Tourism; 6th Korea-Pacific U.S. States Joint Conference welcome event. Saturday, Nov. 15. (Honolulu Advertiser)
SKorean shares close 1.6 per cent higher Nov 10, 2008
SKorean shares close 1. 6 per cent higher- Global Markets-Markets-The Economic Times. (India Times)
Asian Stocks Decline on Earnings, Economy Concerns; News Corp., Isuzu Drop Nov 6, 2008
Posco dragged South Korea's Kospi index 7 ... Posco, Asia's third-biggest, slid 11 percent to 322,000 won in Seoul. (Bloomberg -- Asia)
South Korean shares close 7.6 pc lower Nov 6, 2008
Top steelmaker POSCO plunged 10. 56 per cent to 322,000 won and number one carmaker Hyundai Motor lost 10. (India Times)
Rio, BHP May Cut Iron Ore Prices 15% Next Year as Steel Mills Cut Output Nov 6, 2008
the world's second-biggest steelmaker, Baosteel Group Corp., China's biggest mill, and South Korea's Posco are among the biggest customers of the three ore producers that control about three-quarters of global supply. Rio, battling a $85 billion hostile bid from BHP, dropped 8. (Bloomberg -- Australia & New Zealand)
Posco to grow two million trees at Orissa plant site Nov 4, 2008
BHUBANESWAR: South Korean steel major Posco has offered to grow two million trees at the site of its proposed steel plant in Orissa to compensate for the loss of green cover, officials said on Tuesday ... "We have offered to grow two million trees in our project site area - almost seven times the existing number of trees. Besides, we will create more forest cover elsewhere in Orissa," Avinash Tiwari, deputy general manager of Posco-India, said ... "Posco has the experience credentials for doing... (Times of India)
A squeeze for South Korean importers Nov 4, 2008
A deterioration in imports would not only add to the market gloom but could undermine the flow of fuel, steel or food that keeps the economy running, affecting companies from the steel maker Posco to SK Energy. A glance at the Baltic Exchange's dry freight index, down 80 percent since mid-September, shows the dramatic effect that the crisis is having on global trade in grain, coal and ores. (International Herald Tribune -- Business)
South Korean Stocks Rise by Record on Swap Agreement; Lee Pledges More Aid Oct 30, 2008
Posco, the region's third-biggest steelmaker, surged 14. 9 percent. (Bloomberg -- Asia)
Pace set for hike in car prices Oct 30, 2008
Major suppliers for high-grade auto steel are Koreas Posco, Nippon of Japan, Arcelor Mittal and domestic manufacturers like Tata Steel, Ispat, Bhushan Steel and Essar. Industry sources say the problem lies in value-added steel refusing to turn affordable. (India Times)
No delay in LNG shipment to China despite talks: Minister Oct 29, 2008
Buyers of Tangguh's LNG include the U.S. company Sempra Energy LNG Corp., China's Fujian province and South Korea's steelmaker POSCO, as well as power firm K. Power. Shipments to China and Korea are scheduled to take place in the first quarter of next year, while shipments for Sempra will commence by 2010, Oil and Gas Upstream Regulatory Agency (BPMigas) head of marketing Djoko Harsono said. (Jakarta Post, Indonesia -- Business)
South Korea's consumer confidence slumps Oct 28, 2008
Posco, Lotte South Korea's Posco, Asia's biggest maker of stainless steel, said last week it will slash planned output by about a third this quarter to cope with faltering demand. Lotte Shopping said last week that third-quarter profit fell 19% because of moderating sales. (Sydney Morning Herald -- Business)
JOINT Study on Nippon Steel's Participation in POSCO's New Cold-Rolling Mill in Vietnam Oct 28, 2008
Tokyo, Oct 28, 2008 - (JCN Newswire) - Nippon Steel Corporation (principal place of business: Chiyoda-ku, Tokyo, President: MUNEOKA Shoji, "NSC") and POSCO (principal place of business: Pohang, Korea, Chairman: LEE, Ku-Taek), since the signing of the agreement on strategic alliance and mutual shareholding in August 2000, have pressed ahead various cooperative measures under the agreement ... Now, to enhance the strategic alliance further, the companies commence the joint study on NSC's... (JCN Network, Japan)
Vale's Record Pace of Profit Growth May Stall as Global Metal Demand Slows Oct 25, 2008
Producers including South Korea's Posco, the biggest in Asia, and China's Maanshan Iron & Steel Co. have cut output, which may halt a six-year rally in iron-ore prices. Goldman Sachs Group Inc. mining and metal analysts in Sao Paulo, headed by , forecast a 15 percent drop in prices next year. (Bloomberg -- Latin America)
JFE turns in steely performance with 27% rise in profit Oct 25, 2008
South Korean steelmaker POSCO also raised its 2008 earnings forecast this month but warned of a tougher trading outlook due to weaker demand growth from the auto and construction sectors. US steelmaker Nucor Corp said its third quarter profit almost doubled, but said the worldwide financial crisis made it impossible to forecast its performance for the fourth quarter. (The Star Online, Malaysia -- Business)
South Korea's economic expansion slows Oct 24, 2008
Exporters, led by Posco, are cutting output as a global recession threatens and Korean builders are reeling under the largest backlog of unsold homes in a decade ... Posco, Asia's biggest maker of stainless steel, said this week it will slash planned output by about a third this quarter and rival South Korean steelmakers may also cut production to cope with moderating demand. (Sydney Morning Herald -- Business)
Asia stocks down on recession fears Oct 23, 2008
6%, led by shares of Samsung Electronics and steel producer POSCO.. US light crude oil prices clung to small gains, up 92 cents to $67. (India Times, India)
Asian Stocks Decline on Profit, Growth Concerns; Nikkei 225, Kospi Fall 5% Oct 22, 2008
7 after Posco announced steel production cuts and scrapped its bid for SanDisk Corp. Equity benchmark indexes throughout the region dropped ... Posco said today it will slash output of stainless steel by about a third this quarter, reining in production to cope with a slowdown in demand. (Bloomberg -- Asia)
Macarthur sees strong demand Oct 22, 2008
It sells thermal coal to Japanese customers and coking coal to large steelmakers, including two of its major shareholders, ArcelorMittal and POSCO.. Macarthur sold 1. (Sydney Morning Herald -- Business)
Ram Vilas Paswan, Union minister for steel, chemicals and fertilisers Oct 22, 2008
Posco recently got forest clearance and its project would soon take off. Arcelor-Mittals projects in Orissa and Jharkhand are at the stage of land acquisition. (India Times)
South Korea's Won Gains on $130 Billion Financial Rescue; Bank Stocks Rise Oct 20, 2008
63 at the close, led by exporters and Posco, Asia's third-biggest steelmaker. which controls South Korea's fourth-largest bank, rose 8. (Bloomberg -- Asia)
Japanese and Korean consortium announces basic agreement with CSN to acquire stake in Brazilian iron ore mining business Oct 20, 2008
The transaction will be executed by an investor group consisting of five Japanese steel producers (JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd. and Nisshin Steel Co., Ltd.), Korean steel producer POSCO, and ITOCHU (collectively, the "Consortium") ... In addition to the acquisition of NAMISA shares, the five Japanese steel producers and POSCO are expected to enter into long-term iron ore purchase agreements with NAMISA. Each steel producer is... (JCN Network, Japan)
Asia mkts recover on economy fears Oct 20, 2008
9%, weighed down by stocks with large exposure to global economic trends such as Hyundai Heavy Industries and steel maker POSCO.. Shares of brokerage Mirae Asset Securities, which has a focus on emerging markets, were down 15% on market talk of a possible downgrade. (India Times, India)
Posco, Japanese Partners to Buy 40% Stake in Brazil's Namisa Iron Ore Mine Oct 18, 2008
Posco, Japan Partners to Buy Stake in Brazil's Namisa (Update2) ... 48 percent of 's unit, known as Namisa, which is worth about $505 million, said Posco spokeswoman ... A group led by , comprising Nippon Steel Corp., , , Kobe Steel Ltd., Nisshin Steel Co. and Posco plans to buy the Namisa stake for 400 billion yen ($3. (Bloomberg -- Japan)
Asian stocks mixed after Wall St. rally Oct 17, 2008
91 percent lower as banks cut losses, while the steel maker Posco rose after it was ruled out of a shipyard deal. Shares in Posco climbed 4. (International Herald Tribune)
Asian Stocks Retreat as Earnings Outlook Deteriorates; Posco, BHP Decline Oct 15, 2008
Asian Stocks Slump as Earnings Outlook Worsens; Posco Declines. By Patrick Rial and Ian Sayson. (Bloomberg -- Asia)
Posco's quarterly net profit rises 40% on record sales Oct 15, 2008
Posco's quarterly net profit rises 40% on record sales - International Herald Tribune. Posco's quarterly net profit rises 40% on record sales ... The South Korean steel maker Posco reported a 40 percent rise in quarterly net profit Tuesday on record revenue but warned of a tougher trading outlook because of weaker demand growth from automakers and construction. (International Herald Tribune -- Business)
Asia markets down, tracking Wall Street's losses Oct 15, 2008
Wednesday, October 15, 2008. " onclick="Next();" src="/images/butt_next. (Channelnewsasia.com)
Posco to Bid for Daewoo Ship After Partner Pulls Out (Update3) Oct 14, 2008
GS Group said yesterday it will withdraw from a bid with Posco for 50 ... Posco announced the decision by its board in a filing today, confirming a Yonhap News report ... 6 billion according to analysts, would provide Posco with a market for shipping steel and allow it to compete for offshore oil-exploration contracts as demand surges for deep-sea drilling and production. (Bloomberg)
POSCO to bid for Daewoo Oct 14, 2008
POSCO says to bid for Daewoo without GS group- International Business-News-The Economic Times ... POSCO says to bid for Daewoo without GS group14 Oct, 2008, 0752 hrs IST, REUTERS ... SEOUL: South Korea's POSCO said on Tuesday it would go ahead with bidding for Daewoo Shipbuilding after consortium partner GS Group dropped out of the bidding on Monday. (India Times)
GS quits a joint bid for Daewoo Shipbuilding Oct 14, 2008
The South Korean energy and construction group GS said on Monday that it had pulled out of a consortium with Posco to buy Daewoo Shipbuilding, casting a cloud over Posco's push for the deal. The abrupt announcement came hours after three major South Korean corporate groups, including the steel maker Posco and GS, submitted final bids for the controlling stake in Daewoo Shipbuilding & Marine Engineering by the Monday deadline ... A Posco spokeswoman, Ko Min-jin, declined to comment on GS's... (International Herald Tribune -- Business)
LN Mittal elected Chairman of World Steel Association Oct 7, 2008
Among the new Vice-Chairmen elected to the worldsteel were Ku-Taek Lee, Chairman and CEO, POSCO, Paolo Rocca, Chairman and CEO, Techint Group and John Surma, Chairman and CEO, US Steel. On behalf of the Board of Directors, Director General of the World Steel Association, Ian Christmas welcomed Mittal as the new chairman. (Economic Times)
Tata's Corus to 'adjust' production Oct 7, 2008
"We are in a period of high economic uncertainty," said Ku-Taek Lee, Chairman of the World Steel Association and Chairman and CEO of POSCO. "However, we continue to expect growth in steel demand in 2009 and for the medium term, above the world GDP growth rate," he said, speaking at an annual industry gathering in Washington. SLOWER GROWTH. (India Times)
Baoshan, Chalco Lead Commodity Stocks Lower as Demand for Metals May Fall Oct 7, 2008
Posco, Asia's biggest steelmaker by market value, gained 0. 9 percent to close at 387,000 won after falling as much as 5. (Bloomberg -- Australia & New Zealand)
Tata's defeat on Nano project tarnishes India's image Oct 6, 2008
A South Korean steel company, Posco, is facing protests over the acquisition of forest land for a $12 billion plant in Orissa. Goa State dropped plans to build special economic zones after protests by political parties. (International Herald Tribune -- Business)
With new tech, POSCO braces for stricter carbon rules Oct 5, 2008
Pohang's oldest furnace, with a 35-year history, helped POSCO grow into the world's No.4 steel giant. But it may soon become a thing of the past as POSCO, which alone produces around 10 percent of South Korea's total carbon dioxide, moves to new technology to cope with stricter carbon emission rules ... POHANG, South Korea (Reuters) - A wall of heat and sulfur from a towering furnace stoked to 1,500 degrees Celsius hits onlookers at POSCO's Pohang plant in South Korea amid the din of coal and... (Scientific American)
Tata's pullout to affect growth Oct 5, 2008
South Korean steel firm POSCO is facing protests to acquire forest land for a $12 billion plant in Orissa and Goa dropped plans to build special economic zones after protests from political parties. Analysts said industrial activity which is already slowing due to tight monetary policy and weaker economic growth may be further affected by such protests. (India Times, India)
Tata Motors Abandons Plant For World's Cheapest Car After Violent Protests Oct 4, 2008
Land disputes, protests by environmental groups and delays in getting government approval have stalled projects across India including a $12 billion steel plant planned by Korea's Posco. Trinamool Congress. (Bloomberg -- Asia)
Endless struggle for land pits rich against poor Sep 25, 2008
The bid by Posco of Korea to build a steel plant in Orissa, eastern India, has been stalled after bitter protests against the acquisition of 1443 hectares of forest land for the project ... "Farmers are forced to sell their land at throwaway prices," says Aditya Aggarwal, an anti-Posco activist ... As with the Nano project, the protesters at Posco allege that the Orissa Government forcibly took 174 hectares out of the total of 1620 allotted to the project, from villagers who had no wish to part... (Sydney Morning Herald -- Business)
Lion to partner Vietnam firm in mill project Sep 23, 2008
Vietnamese press reported recently, citing the Vietnam Steel Association (VSA), that the Government had licensed several foreign companies, including South Koreas Posco group and Indias Essar Group, to build steel mills in the country. Already, four of its newer approvals alone would see a combined production of 15 million tonnes a year by 2015. (The Star Online, Malaysia -- Business)
Asia-Pacific Bond Risk Rises on Uncertainty About Bad-Debt Plan Mechanics Sep 23, 2008
The Markit iTraxx Asia-ex Japan index of 50 investment-grade borrowers, including Posco and ICICI Bank Ltd., increased 5 basis points to 177 at 8. 24 a.m. in Hong Kong, according to BNP Paribas prices. (Bloomberg -- Australia & New Zealand)
Posco's Lee Expects Profit to Beat Earlier Forecast on Cost Savings, Sales Sep 22, 2008
Posco Expects Full-Year Profit to Beat Its Forecast (Update2) ... Posco, Asia's third-biggest steel producer, in July projected 2008 operating profit of 5 ... Posco cut stainless-steel prices as much as 10 percent in August, the first reduction this year on weakening demand. (Bloomberg -- Asia)
Jaideep Mishra: Compensation policy Sep 19, 2008
A smooth process of garnering land which is shorn of avoidable controversy would fastforward stalled projects in the arch stretching from Paradeep in Orissa, where Posco hopes to set up a mega steel plant, to Singur in Bengal, where the Nano small car complex of Tata Motors seems to face roadblocks. Meanwhile, reports say that compensation for acquiring land for the Nano project is to be hiked. (India Times)
India grapples with converting farm land to factories Sep 17, 2008
In eastern Orissa State, betel leaf farmers have held up a $12 billion project by Posco, the South Korean steel maker, occasionally kidnapping company officials. In western Goa, several proposed Chinese-style special economic zones were scrapped after sustained public protests. (International Herald Tribune)
Reliance Infra eyes India steel plant - official Sep 16, 2008
South Korea's POSCO (005490. KS: , , , ) wants to invest $12 billion in a 12 million tonnes steel plant in Orissa, but the project has been hit by protests by farmers opposed to losing their land. (Reuters)
Asia stocks tick higher on Lehman sale talk Sep 12, 2008
4 percent, led by shares of Samsung Electronics and POSCO , the world's No. 4 steelmaker. Major Asian markets will be closed on Monday for holidays. (International Herald Tribune)
Markets: Asian stocks rise on hopes for Lehman sale Sep 12, 2008
4 percent, led by shares of Samsung Electronics and Posco. Many investors were waiting to see the developments with Lehman, though in the thick of the financial crisis, any progress has been followed with signs of trouble at other institutions. (International Herald Tribune)
Steelmakers unfazed by low market prices Sep 10, 2008
A Bloomberg report yesterday said Posco, the largest maker of stainless steel in Asia, was cutting output for the third consecutive month on weak demand. Ng believed it was only natural for steel makers to shift from volume game to protecting margins. (The Star Online, Malaysia -- Business)
Iron ore price system shows cracks Sep 9, 2008
"I don't think anyone is expecting the annual benchmark pricing system to disappear overnight,'' a European steel industry source said. South Korea's Posco said it was not yet comfortable with an index-based pricing system. An industry official in China also doubted the country's big steelmakers would rush to abandon the annual contract system as it gave them a competitive advantage over smaller rivals. "The bulk of next year's settlements will still be based on the annual system. We won't... (Sydney Morning Herald -- Business)
Nano stalled as India juggles factory vs. farm Sep 9, 2008
Earlier in 2007 in the state of Orissa, four engineers from the South Korean steel producer Posco were abducted for a day by villagers opposing the project. More recently, locals have begun squatting on government land transferred to the company to stop construction. (Christian Science Monitor)
South Koreas Posco E&C delays US$1bil IPO Sep 9, 2008
South Koreas Posco Eys US$1bil IPO ... South Koreas Posco Eys US$1bil IPO ... SEOUL: South Korean builder Posco Engineering ruction said yesterday it would postpone a US$1. (The Star Online, Malaysia -- Business)
Daewoo Shipbuilding Shows Subprime Woes Overwhelming Drillers' Order Surge Sep 5, 2008
Steelmaker Posco and last week joined two other companies in making separate offers. The bidding has failed to stir the shares, now at their lowest in five months. (Bloomberg)
Asian Stocks Fall to Two-Year Low on Lower Oil, Gold Prices; Huiyuan Jumps Sep 3, 2008
South Korea's Posco declined 2. 5 percent to 471,500 won. (Bloomberg -- Asia)
