POSCO spokesperson Ko Min-Jin said that the deal, which will make POSCO the top shareholder in the Australian company, is expected to be completed by September, 30.
POSCO signs deal with Cockatoo Coal
South Korean steel giant POSCO has announced that, in order to consolidate its coal supply, it has signed an agreement worth $22 million with Australia-based Cockatoo Coal Ltd (COK.AU) for the acquisition of a 19.99 percent share in this coal producer through its Australian unit POSA. Under the terms of the agreement, Cockatoo will supply one million tons of semi-anthracite coal to POSCO in the first phase of the transaction.
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