POSCO acquires PT ISI from Selamat Sempurna
Pohang Steel Co acquires 65% shares in PT International Steel Indonesia from PT Selamat Sempurna, Mr Naam Han Woo, and Daewoo International Corporation.
PT International Steel Indonesia (ISI) is currently controlled by PT Selamat Sempurna, a manufacturer of automotive parts, with 40%, while Daewoo 51% and Mr Nam Han Woo 9%. After the acquisition, Selamat's ownership will decline to 15%, while Daewoo will drop to 20%.
Selamat Sempurna is a member of ADR Group. POSCO, meanwhile, has just signed a cooperation agreement with PT Krakatau Steel (KS) to build an integrated steel plant with ultimate capacity of 7 million tons per annum and investment of US$6 billion in Banten province.The first stage of the project will produce 3 million tons of steel and is scheduled to start commercial production in 2013.