South Korean steel giant POSCO has acquired a 65 percent stake in Indonesian coil processing center PT International Steel Indonesia at a price of IDR 63.32 billion (about US$6.7 million), Asia Pulse news service reports.
Accordingly, the shares in International Steel Indonesia were acquired from South Korea-based companies Daewoo International Corporation and Nam Han Woo, and from Indonesian automotive components manufacturer PT Selamat Sempurna, under an agreement signed last week.
PT International Steel Indonesia was established in 2005 as a joint venture company between Korean and Indonesian business concerns. Its main activities are the procurement, processing (slitting and cutting) and distribution of steel sheet in coils for the automotive components, electric and electronic, and building material industries.