POSCO aims to raise $2 billion by end-2015 through restructuring
Reuters
Published Jul 24, 2014 04:11AM ET
POSCO aims to raise $2 billion by end-2015 through restructuring
SEOUL (Reuters) - South Korea's POSCO (KS:005490) aims to raise about 2 trillion won ($1.95 billion) by the end of 2015 through restructuring efforts, the steelmaker said after reporting quarterly earnings on Thursday.
POSCO earlier promised sweeping restructuring, including selling non-core assets, after investment and acquisitions over the past four years more than doubled its debt.
POSCO also said it is helping peer ArcelorMittal SA (AS:ISPA) find Korean buyers for a 10 percent stake a Canadian iron ore operation.
(Reporting by Hyunjoo Jin; Editing by Christopher Cushing)
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