Korean newspaper the Korea Economic Daily reported Friday that South Korean steel giant POSCO plans to buy additional shares of Brazilian iron ore mining company Namisa following recent board approval.
According to the report, POSCO will buy an additional 2 to 3 percent in Namisa from fellow shareholders.
POSCO originally bought a 6.5 percent stake in Namisa for $505 million in 2008, when a group of six Asian steelmaking companies bought respective stakes in Namisa. Other shareholders in the iron ore miner include Japan's Nippon Steel Corp., Kobe Steel Ltd., JFE Steel Corporation, Sumitomo Metal Industries and Nisshin Steel Co. Combined with POSCO, the six steelmakers own a 40 percent stake in Namisa.