Asia Pulse reported that POSCO has failed to reach agreement with Thainox Stainless Plc to take over the Thai steelmaker.

Mr Choi Youn joung spokesperson for POSCO said that "We failed to sign the deal to acquire Thainox Stainless, but we will continue talks."

It may be noted that POSCO bought a 15% stake in Thainox Stainless in 2006 and is seeking to take over the largest stainless steel producer in Southeast Asia.

Mr Lee Dong hee president of POSCO said that the company plans to close the envisioned deal.

(Sourced from Asia Pulse)