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Posco to buy Vietnamese steelmaker

Posco, the Republic of Korea (RoK)'s leading steelmaker, said on July 17 that it will buy a Vietnamese steelmaker as part of efforts to meet growing demands in the Southeast Asian region.
Posco, the Republic of Korea (RoK)'sleading steelmaker, said on July 17 that it will buy a Vietnamesesteelmaker as part of efforts to meet growing demands in the SoutheastAsian region.

Posco said in a statement that its board of directors has approved thepurchase of a 90-percent stake in the Asia Stainless Corporation, theYonhap news agency reported.

Located near Ho Chi Minh City, Asia Stainless is Vietnam's only coldrolled stainless steel producer. The company's annual productioncapacity is 30,000 metric tonnes, but it is currently carrying out workto enable the plant to raise its output to 85,000 tonnes by next year.

The financial details were not revealed in the statement, however theRoK news agency said that it would be around 50 million USD.

Posco also plans to build a galvanised-steel plate factory in westernIndia with an annual output of 450,000 tons, which will beginproduction in 2012./.
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