Posco paying $220m to retain control in Vietnamese special steel plant

Posco has announced that it would pay 241.42 billion Won ($218.58 million) for all the shares of Posco SS-Vina, a 1-million-tpy integrated special long steel plant that is close to commissioning in Vietnam.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Once the transaction is completed in March next year, the South Korean steelmaker will own the Vietnamese company in its entirety, it said in a filing to the Korea Exchange (KRX) on Monday December 15.

Posco SS-Vina is currently a wholly owned unit of Posco Specialty Steel, whose majority shareholder is Posco.

Posco recently agreed to sell its majority stake in Posco Specialty Steel to SeAH Group’s SeAH Besteel, South Korea’s largest special steel producer.

A spokesman for Posco told Steel First previously that Posco SS-Vina was “not included” in the deal with SeAH Besteel.

Posco SS-Vina, located at the Phu My Second Industrial Zone in the south-eastern Vietnamese province of Ba Ria-Vung Tau, will consist of an electric arc furnace and a 1-million-tpy rolling mill that will produce special steel sections, bars and rebar.

Posco said it is retaining the Vietnamese company because it wants to strengthen its construction long steel business.

What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.