POSCO announced Thursday that it signed a share purchase agreement to acquire controlling stakes in the Thai stainless steel maker ThaiNox.
ThaiNox is Southeast Asia’s largest stainless steel maker and currently produces about 240,000 metric tons of cold rolled stainless steel on an annual basis.
POSCO currently holds a 15 percent stake in the company, and the latest deal will see the steel giant acquire the 60 percent held by ThaiNox chairman Prayudh Mahagitsiri and his family.
In addition, the Korean steelmaker will also buy up publicly traded shares at higher than market prices, the company said.
By Choi He-suk (firstname.lastname@example.org)