July 24, 2014 / 8:14 AM / 4 years ago

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

SEOUL (Reuters) - South Korea’s POSCO (005490.KS) 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.

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

    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 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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