South Korean steel producer Posco has announced plans to sell its entire stake in Nippon Steel, valued at KRW 467 bln (USD 318 mln), while maintaining their long-standing partnership.
The stake has been reclassified as an asset held for sale, though the timing and method of the sale remain undecided, according to reports.
This decision follows Nippon Steel’s sale of its entire Posco stake worth KRW 1.1 trillion (USD 749 mln) last year as it pursued a USD 14.9 bln acquisition of US Steel. Posco’s move aligns with its broader corporate restructuring strategy to strengthen its financial position and drive future growth.
Despite divesting their shareholdings, Posco affirms that its strategic alliance with Nippon Steel remains intact. The two companies established a cross-shareholding arrangement in May 1998 and formalized their strategic partnership in August 2000 to collaborate on international projects.
1 USD / 1,467.9 KRW