South Korean group to bid for Hanbo Steel
A group led by South Korean steel giant POSCO and two steel units of Hyundai Motor Group reportedly plan to submit bid for Hanbo Steel, which went bankrupt after the crisis experienced in 1997 East Asia. As previously reported by SteelOrbis, fifteen bidders, including investors from Japan, Europe and US, submitted preliminary bids for Hanbo Steel in April. The deadline for bidding is set for today i.e. May 25, 2004. POSCO group and the group of Hyundai have not revealed their offer prices yet however stated that they will announce within forthcoming hours. The bids will be evaluated by Seoul Central District Court.