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17 July 2009

S Korean firm eyes Vietnam steel mill

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South Korea's largest steelmaker POSCO has said it is mulling taking over a Vietnamese stainless steel mill as part of a drive to expand in Southeast Asia, AFP reported.

"POSCO is considering acquiring Asia Stainless Corp in Vietnam," spokeswoman Choi Youn-Joung told AFP, but refused to disclose further details. POSCO's board will decide Friday whether to approve the takeover, according to other officials at the Korean firm.

They said the company, the world's fourth largest steelmaker, is looking to use its ample liquidity to acquire more firms at home and abroad. Yonhap news agency, quoting industry sources, said POSCO may pay about 50 million dollars for the Vietnamese firm, which produces 90,000 tons of stainless steel annually.

In a separate deal, POSCO in May signed a memorandum of understanding with Vietnam Steel Corporation on a joint venture to produce up to one million tons of steel annually, according to POSCO officials.

The Korea Economic Daily said Thursday the company is also eyeing an Indonesian steel mill. POSCO officials refused to comment. 


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