POSCO, Nippon to increase stakes

South Korea's POSCO and Japan's Nippon Steel Corp. have said on Friday that they would increase their cross-shareholdings amid consolidation in the global steel industry. Nippon Steel will buy a 2 percent stake in POSCO worth Won 445.1 billion (around $465 million) while POSCO will spend the equivalent amount to buy an additional 1.64 percent of Nippon Steel to reinforce their capital and business ties. POSCO already has a 2.17 percent stake in Nippon Steel, while Nippon Steel owns 3.3 percent of POSCO.