Posco eyes Asian steelmaker

South Korea?s Posco, the world’s fifth-largest steel maker, is looking to buy an Asian steel maker and studying a possible buyout target and timing of an acquisition. “In line with the merger and acquisition trend in the global steel industry, we are thinking of embarking on overseas mergers and acquisitions,” Posco Chief Executive Lee Ku-taek was quoted as saying by a spokesman. “We’re looking at a steel maker in Asia including China. We are closely studying a specific target and timing.” The South Korean steel company has little room to grow further in the domestic market.

Regarding speculation that Posco was looking at acquiring Daewoo Shipbuilding and Marine Engineering, Lee said, “I am watching events with interest.” Posco has been at the centre of various expansion rumours inside and outside the country as it seeks growth opportunities.