Seoul: South Korea's largest steelmaker, Posco, has revealed that it is considering buying a local shipping company as part of efforts to secure stable shipments of raw materials and steel products, writes Asia In Focus via COMTEX. "We are reviewing a plan to buy Daewoo Logistics corp," said a Posco official. "But nothing has been decided yet ... it is an initial stage."
Daewoo Logistics, established in 1999, is a mid-sized shipping line. The company suffered a loss of 14.8bn won last year on the back of the global economic slump and falling shipping rates.
Posco spends around 700bn won ($562m) annually in exporting steel products and importing iron ore and other raw materials. [21/05/09]
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