Korea's leading steelmaker POSCO said that it plans to boost the annual output of its plant in Thailand to 300,000 tonnes by 2015 as part of its efforts to meet rising demand.

In September 2011, POSCO succeeded in its takeover bid of Thainox Stainless Pcl, Southeast Asia's largest stainless steel producer, after a tender offer.

The Thai unit, POSCO Thainox Pcl, has an annual production capacity of 180,000 tonnes, but is seeking to expand its output capacity to 300,000 tonnes in an attempt to meet stainless steel consumption growth.

POSCO's acquisition of the Thai company is the latest in a series of acquisitions sought after by the world's third largest steelmaker. POSCO has been pursuing acquisitions at home and abroad to boost revenue and to catch up with foreign rivals.

Over the past year, POSCO has taken over Asia Stainless Corporation in Vietnam and Taihan ST Corporation in Korea.

In 2010, POSCO also bought a 68% stake in Daewoo International Corporation, a Korean trading firm, for KRW 3.37 trillion to expand its sales network and secure steady supply of raw materials.

However, the steel giant failed last month to acquire Korea Express Co, Korea's leading logistics firm.

(Sourced from www.yonhapnews.co.kr)