Connect to share and comment

Prosecutors raid unit of steel giant POSCO

SEOUL, April 16 (Yonhap) -- Prosecutors on Wednesday raided a subsidiary of top steelmaker POSCO over suspicions of corruption involving some company officials. A team of prosecutors and investigators swooped on the headquarters of POSCO Processing and Service Co., a steel products-processing subsidiary of POSCO, in southern Seoul to seize computer hard discs, account books and other materials related to its transactions of steel products. Prosecutors denied any link between the probe and POSCO, saying the investigation is about POSCO P

Metal engineering expert takes helm of POSCO

An engineering expert on Friday took the helm of South Korea' steel giant POSCO promising an overhaul of the company as it suffers falling profits owing global economic uncertainty and competition from Chinese rivals. Shareholders and board of directors at the world's number five steelmaker approved Kwon Oh-Joon, a 64-year-old metal engineer, as its eighth CEO on Friday, putting him in charge through to March 2017.

POSCO completes 2nd galvanized steel sheet plant in Mexico

SEOUL, Jan. 28 (Yonhap) -- POSCO, the world's fifth-largest steelmaker, said Tuesday it has completed the construction of its second plant in eastern Mexico for producing galvanized steel sheets used in auto bodies. The plant was built in Altamira, a city in the state of Tamaulipas, and will produce 500,000 tons of galvanized steel sheets a year, the company said. The completion of the second plant will raise POSCO's annual production in Mexico to 900,000 tons, it said. POSCO constructed its first plant in the North American country in 2009.

Environment nod to lift cost of POSCO's India plant to $12.6 billion

By Krishna N Das NEW DELHI (Reuters) - India's environment ministry has given its go-ahead to POSCO's planned steel plant in the country, but has asked it to spend on "social commitments", a company spokesman said, raising the project's cost by $600 million to $12.6 billion. The revalidation of the South Korean firm's lapsed environmental clearance comes days before the country's president, Park Geun-hye, visits India for four days starting January 15.

POSCO drops $5.3 billion Indian steel mill, keeps main project alive

By Hyunjoo Jin SEOUL (Reuters) - South Korea's POSCO <005490.KS> said on Tuesday it will pull out of a $5.3 billion steel mill development in India's Karnataka state, but will proceed with another $12 billion project billed as the country's largest foreign direct investment. POSCO said in a regulatory filing that it had agreed to cancel the project with the government of southern Karnataka state because of delays in receiving iron ore mining rights and opposition from residents which had held back land acquisition.

POSCO may quit steel mill project in India's Karnataka: source

SEOUL (Reuters) - South Korea's POSCO <005490.KS> is considering pulling out of a $5.3 billion steel mill project in India's Karnataka state because of opposition from residents and political instability, a source told Reuters on Tuesday.

Bomb kills three Posco protesters in India: police

A crude bomb exploded in a village in eastern India, killing three people involved in protests against a $12 billion steel plant project by South Korean giant Posco, police said Sunday. Police claimed the dead victims were suspected of making bombs themselves when one of them exploded Saturday in Patana village in Orissa state, but a protest group spokesman said they were attacked by supporters of the project.
Syndicate content