POSCO aims to raise $2 billion by end-2015 through restructuring

Thu Jul 24, 2014 4:11am EDT
 
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SEOUL (Reuters) - South Korea's POSCO (005490.KS: Quote) 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 (ISPA.AS: Quote) find Korean buyers for a 10 percent stake a Canadian iron ore operation.

(Reporting by Hyunjoo Jin; Editing by Christopher Cushing)

 
A man walks past a POSCO logo at the company's headquarters in Seoul April 22, 2011. POSCO, the world's No. 3 steelmaker, reported a 36 percent fall in quarterly operating profit, missing forecasts, hit by high raw materials costs and low demand. REUTERS/Truth Leem