POSCO Announces Restructuring Plan

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POSCO Announces Restructuring Plan

POSCO (Pohang Steel Co.) announced on January 25 that it will stop the construction of a mini-mill steel production facility in KwangYang and cancel planned construction, altogether, of steel factories overseas.
The company will implement its restructuring plan that will also call for a decrease of its current 16 subsidiaries to 13.
According to POSCO, the company will sell its partially-constructed mini-mill steel facility in KwangYang along with another currently operational mini-mill.
POSCO will also cancel the construction of steel factories in China and eventually suspend steel businesses in Indonesia as well as sell its stake in a joint venture in Venezuela.
The company plans to concentrate and fortify steel and engineering businesses of Posco Development Co. and stop its construction firm that builds houses, condominiums and small office buildings.
The company will merge Pohang Plating Co. and Pohang Steel Materials and sell its non-operating properties.
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