Posco says no to DSME

POSCO, South Korea’s leading steelmaker, is not interested in buying Daewoo Shipbuilding & Marine Engineering (DSME), its ceo said. In January this year, state-run Korea Development Bank terminated the sale of a 50.4% stake in the world’s third-largest shipyard to Hanwha Group, rejecting the group’s demand to revise the terms of sale.

POSCO joined the race for the acquisition of the shipbuilder by forming a consortium with GS Group, an energy and construction conglomerate, to make a joint bid for the controlling stake, but the group backed out at the eleventh hour, rendering the steel giant ineligible.

POSCO, instead, is seeking to bid for energy developer Daewoo International Corp.