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 said in a statement that its board of directors has approved the purchase of a 90-percent stake in the Asia Stainless Corporation, the Yonhap news agency reported.
Located near Ho Chi Minh City, Asia Stainless is Vietnam's only cold rolled stainless steel producer. The company's annual production capacity is 30,000 metric tonnes, but it is currently carrying out work to enable the plant to raise its output to 85,000 tonnes by next year.
The financial details were not revealed in the statement, however the RoK news agency said that it would be around 50 million USD.
Posco also plans to build a galvanised-steel plate factory in western India with an annual output of 450,000 tons, which will begin production in 2012./.
Posco said in a statement that its board of directors has approved the purchase of a 90-percent stake in the Asia Stainless Corporation, the Yonhap news agency reported.
Located near Ho Chi Minh City, Asia Stainless is Vietnam's only cold rolled stainless steel producer. The company's annual production capacity is 30,000 metric tonnes, but it is currently carrying out work to enable the plant to raise its output to 85,000 tonnes by next year.
The financial details were not revealed in the statement, however the RoK news agency said that it would be around 50 million USD.
Posco also plans to build a galvanised-steel plate factory in western India with an annual output of 450,000 tons, which will begin production in 2012./.
