Posted on 26 Dec 2007
POSCO said on Wednesday it will buy a 60 percent stake in a Malaysian steel maker for $15.6 million, marking the South Korean steel maker's first acquisition of a foreign steel company.
MEGS, an electrolytic galvanized coil maker, is located in Klang, near
"The investment will help POSCO to secure the fast-growing Southeast Asian market," the world's fourth-largest steel maker said in a statement.
"We will keep actively seeking the merger and acquisition of firms abroad to increase our competitiveness in the global market."
POSCO has been looking for opportunities to enter the Southeast Asian market, one of the world's largest steel importers.
The company has already committed to invest in $1.13 billion in
