posco-adr (PKX) Key Developments
POSCO, Board Meeting, Aug 08, 2014
Aug 19 14
POSCO, Board Meeting, Aug 08, 2014. Agenda: To put POSCO P&S in charge of managing its steel distribution and manufacture business groups and endow POSMATE with the responsibility for its B2B service group.
POSCO Announces Interim Cash Dividend for the Year 2014, Payable on August 27, 2014
Aug 8 14
POSCO announced interim cash dividend of KRW 2,000 per share for the year 2014. Record date is June 30, 2014. Proposed dividend payment date is August 27, 2014.
Posco Announces Earnings Results for the Second Quarter Ended June 2014; Revises Sales Guidance for the Year 2014
Jul 24 14
Posco announced earnings results for the second quarter ended June 2014. For the quarter, the company announced net profit doubled from a year ago, with a strong won cutting the value of its dollar-dominated debts. Net profit was KRW 487.2 billion ($473 million) up 102.6% from KRW 241 billion a year ago. But operating profit shrank 7% on-year to KRW 839.1 billion. Sales rose 7.1% to KRW 16.7 trillion during the same period.
The company revised its sales target for 2014 upwards to KRW 64.5 trillion from KRW 63.5 trillion.
POSCO To Sell Controlling Stakes In POSFINE And POSCO Uruguay
Jul 17 14
POSCO (KOSE:A005490) said on July 17, 2014 that it has decided to sell its controlling stakes in two units, Posfine Co., Ltd. and POSCO Uruguay, as part of a restructuring program to boost its finances. POSCO holds a nearly 70% stake in POSFINE and 100% stake in POSCO Uruguay. POSCO did not specify a price for any of the units or potential interested parties. "We don't rule out the possibility that more assets will be put up for sale,' Lee Sang-choon, a POSCO spokesman, told The Korea Times by phone. POSCO Chairman Kwon Oh-joon has repeatedly said, “Everything but POSCO can be subject to restructuring." POSCO selected Samil PricewaterhouseCoopers to deal with all affairs related to POSFINE, while Deloitte Anjin will be held responsible for the sale of POSCO-Uruguay.
POSCO Reportedly Sold Finex Plant To Mideast
Jul 16 14
POSCO (KOSE:A005490) has reportedly signed on a memorandum of understanding to sell its Finex plant to Mideast Integrated Steel. Someone from POSCO was cited by the report as saying that negotiations between the two companies are still just beginning and that it is not certain that whether the deal was executed. The Finex plant is valued at around KRW 70 billion.