South Korean steel producer Pohang Iron and Steel Co. (POSCO) has announced that it will acquire 50 percent share from POSCO Holdings in Indonesia-based Krakatau POSCO, joint venture between POSCO and Indonesian steelmaker PT Krakatau Steel, for KRW 888.1 billion ($671.96 million).
The acquisition is aimed to improve the efficiency of POSCO’s steel business. The remaining 50 percent share will continue to be held by PT Krakatau Steel.
The acquisition is expected to be completed by September 30.