South Korean steelmaker
POSCO has said that it has abandoned its plans to buy South Korea-based Dongbu Group's Incheon steel plant and its coal-fired thermal power plant in Dangjin, according to media reports.
According to a Reuters report, Korea Development Bank (KDB), Dongbu Group's main creditor, had offered to sell Dongbu Incheon Steel and the power plant to
POSCO in a package deal expected to be worth about KRW 900 billion ($887 million).