South Korea’s POSCO drops plan to buy Ukrainian steelmaker Zaporizhstal

South Korean steel giant POSCO has said that it has dropped its plan to bid for a controlling stake in one of the largest Ukrainian steelmakers, Zaporizhstal, citing a lack of clarity over the sales process.
 
As SteelOrbis previously reported, in April this year POSCO placed a preliminary bid to purchase Zaporizhstal. Other companies which also showed an interest in acquiring Zaporizhstal were the world's largest integrated metals and mining company ArcelorMittal, Russian steelmaker Severstal, and Ukrainian mining and steel producing company Metinvest Holding.
 
However, at the beginning of the current month, Ukrainian media reported that a group of Russian investors represented by Russian state-run bank Vnesheconombank (VEB) was in the process of acquiring Zaporizhstal for $1.7 billion.