Korea Times reported that South Korean steel giant POSCO announced that it is nearing the completion of its corporate restructuring plan, whereby an envisioned holding firm will claim the entire shares of its spun-off steelmaking operation to the exclusion of current POSCO shareholders, with approval from the National Pension Service, POSCO's largest shareholder with a 9.75 percent stake. The report quoted a POSCO official as saying that "The NPS gave a positive assessment of the restructuring plan, including ways to strengthen its non-steel businesses, after the firm is divided into a holding firm and a spinoff.”The decision came after POSCO announced the restructuring plan at a board meeting last month, as part of a long-term reorientation of strategy to strengthen the role of the holding firm in fostering new future growth businesses including rechargeable batteries and hydrogen energy, while still maintaining exclusive ownership of the steelmaking firm. POSCO will not seek to list neither its steel spinoff, nor its battery or hydrogen firms.The plan will be finalized at the January 28 shareholders meeting if a vote on the matter receives support from two-thirds of shareholders attending, with their combined shares accounting for at least a third of the outstanding total.
Korea Times reported that South Korean steel giant POSCO announced that it is nearing the completion of its corporate restructuring plan, whereby an envisioned holding firm will claim the entire shares of its spun-off steelmaking operation to the exclusion of current POSCO shareholders, with approval from the National Pension Service, POSCO's largest shareholder with a 9.75 percent stake. The report quoted a POSCO official as saying that "The NPS gave a positive assessment of the restructuring plan, including ways to strengthen its non-steel businesses, after the firm is divided into a holding firm and a spinoff.”The decision came after POSCO announced the restructuring plan at a board meeting last month, as part of a long-term reorientation of strategy to strengthen the role of the holding firm in fostering new future growth businesses including rechargeable batteries and hydrogen energy, while still maintaining exclusive ownership of the steelmaking firm. POSCO will not seek to list neither its steel spinoff, nor its battery or hydrogen firms.The plan will be finalized at the January 28 shareholders meeting if a vote on the matter receives support from two-thirds of shareholders attending, with their combined shares accounting for at least a third of the outstanding total.
