It is reported that Dongkuk Steel Mill has pulled out of a USD 321 million offer to buy control of a small domestic builder due to price differences.

It may be noted that a consortium led by Dongkuk was picked as a preferred buyer of a 50.1% stake in Ssangyong Engineering & Construction in July 2008.

State debt clearer Korea Asset Management Corporation, which is managing the deal and other creditors had put the stake up for sale.

A Dongkuk Steel spokesman said that its board would make a decision on how to proceed with its acquisition offer and KAMCO said it was waiting for Dongkuk's notice.