Hanbo Steel Co. Will be Sold Before February

Creditor banks for Hanbo Steel Co. and its main broker, Bankers Trust Company(BTC) of the U.S., decided that they will receive letters of intent (LOI) for the acquisition of Hanbo Steel Co. by January 11 in New York.
Dongkuk Steel Co. will submit an LOI for Hanbo Steel Co. United Kingdom-based Ispat as well as Esar Group of India are forecasted to apply for the acquisition of the bankrupt steel company
The government intends to conclude the sale of Hanbo Steel within this month so as to enhance confidence in Korea's economic restructuring and sovereign credit rating and to diminish trade conflicts with the U.S..
Regarding the matter, a source at the government said on January 10, 'The government will sell Hanbo Steel Co. and Seoul Bank within this month. If it is necessary, the government will only sell Hanbo's A-district plant operations among its A and B districts.'