SEOUL: South Korea’s POSCO said it would shut down unprofitable local and overseas businesses as part of a restructuring plan aimed at boosting profit growth in the world’s sixth-largest steelmaker as global demand for steel remains weak.
POSCO plans to reduce by about a third its overseas businesses while the number of local units would be cut by half with the aim of lifting EBITDA on a parent-only basis to 5 trillion won by 2017 from 4.5 trillion won in 2014, the steelmaker said in a statement.
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