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Steel manufacturer looks for more mergers and acquisitions consultants

South Korean firm targets more takeovers

27 September 2010

Steel manufacturer POSCO is looking to recruit more mergers and acquisitions consultants as it aims to expands its operations.

The South Korean firm, which is the third largest steel manufacturer in the world, is reportedly set to target rival companies Daewoo Shipbuilding and Marine Engineering.

The Korean Times revealed that Chung Joon-yang, POSCO Chairman, told audience members at an event held by the Korea International Trade Association: "POSCO is good at planning, building and running steel mills but we want to be competitive at acquisitions.

"From now, we will actively pursue more mergers and acquisitions if there are opportunities."

Mr Joon-yang added that no takeover deals are currently in the pipeline.

Earlier this year, POSCO purchased South Korea's biggest trading company, Daewoo International, in a deal worth around $2.8 billion (£1.8 billion).

Daewoo focuses on international resource development and is currently working on a gas project in Burma. 

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