Industry
POSCO drops plan to buy 2 units of cash-strapped Dongbu: CEO
June 24, 2014
POSCO, South Korea's largest steelmaker, has dropped its plan to acquire Dongbu Steel's Incheon plant and a power station in Dangjin under the wing of Dongbu Group, a cash-starved local conglomerate, due to associated financial burden, the company's chief executive said Tuesday.In a meeting with reporters, POSCO CEO Kwon Oh-joon said POSCO, which is trying to concentrate on core business areas and reduce unnecessary outlays, has decided not to pursue the "package deal" to buy the steel mill and