Reuters reported that South Korea's POSCO Specialty Steel Co has applied for approval for an initial public offering from the stock exchange.

POSCO Specialty, of which steelmaker POSCO holds a 95% stake as of July 26th 2012, is expected to raise between USD 500 million and USD 700 million through the offering slated for the fourth quarter.

The company said that Tong Yang Securities and Korea Investment & Securities had been chosen as lead managers, while Goldman Sachs a n d KB Investment & Securities were serving as co book runner

Source - Reuters

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