NSC now owns 5 percent stake in POSCO

Japanese steelmaker Nippon Steel Corp (NSC) has announced that it owns a five percent stake in South Korean steelmaker POSCO. The fact that NSC has bought 4.36 million of POSCO's depositary receipts has resulted in an increase of NSC's interest in POSCO to five percent. The move is part of bilateral agreements increasing the companies' shareholding in each other.