South Korean steelmaker
POSCO announced on December 4 that it has signed an agreement to sell its specialty steel subsidiary to South Korea's largest special steel producer SeAH Besteel, part of SeAH Group.
POSCO will initially sell a 52.3 percent stake in its subsidiary for KRW 567.2 billion ($506.5 million). The company said an additional 28 percent of the shares controlled by financial investors and those owned by employees will also be sold, with
POSCO keeping the remaining 20 percent for the time being.