POSCO to Get Majority of Thainox Stainless

POSCO seemed to reach basic agreement to acquire majority of Thainox Stainless, the stainless cold rolling mill in Thailand. POSCO acquires more than 80% of Thainox shares, which held by Mr. Prayudh Mahagitsiri, chairman and CEO and other shareholders of Thainox. POSCO plans to send president of Thainox. POSCO increases stainless cold rolling capacity to 2 million tonnes per year through the acquisition, which enables better balance with higher stainless hot rolling capacity.

Cold rolling capacity of Thainox is estimated at 240,000-300,000 tonnes per year. POSCO has acquired 15% of Thainox shares in February 2007. POSCO will hold more than 95% of Thainox shares by the acquisition.