Companhia Siderurgica Nacional and Asian Partners Agree to Proceed with Tie-Up of Mining, Logistics Units
Dec 15 14
Cia Siderurgica Nacional SA or CSN and its Asian partners in the Namisa iron ore venture have agreed to proceed with the tie-up of their mining and logistics operations. CSN's partners in the joint venture are Japanese trader Itochu Corp, Nisshin Steel Co Ltd, JFE Steel Corp, Kobe Steel Ltd, Posco Ltd. China Steel Corp. The Brazilian group holds 60% of the Namisa venture. CSN's board has cleared the company to transfer its Namura assets to its Congonhas Minerios SA unit. Under the terms of the transaction, CSN will hold 88.25% of Congonhas, with the Asian companies owning the rest on a cash and debt-free basis. The deal, which was announced last month, is subject to the parties agreeing on a business plan, as well as to regulatory and antitrust clearances. The transaction is now expected to close in 2015.
POSCO Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Impairment Charges for the Third Quarter Ended September 30, 2014
Dec 1 14
POSCO announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue was KRW 7,290,135 million compared to KRW 7,411,390 million for the same period a year ago. Operating profit was KRW 634,968 million compared to KRW 442,749 million for the same period a year ago. Profit before income tax was KRW 309,451 million compared to KRW 774,061 million for the same period a year ago. Profit for the period was KRW 221,575 million compared to KRW 615,068 million for the same period a year ago. Basic and diluted earnings per share were KRW 2,673 compared to KRW 7,806 for the same period a year ago. Adjusted operating profit was KRW 770,257 million compared to KRW 646,359 million for the same period a year ago.
For the nine months, the company reported revenue was KRW 22,073,769 million compared to KRW 22,835,801 million for the same period a year ago. Operating profit was KRW 1,718,025 million compared to KRW 1,727,498 million for the same period a year ago. Profit before income tax was KRW 1,300,838 1,673,981 million for the same period a year ago. Profit for the period was KRW 880,330 compared to KRW 1,380,111 million for the same period a year ago. Basic and diluted earnings per share were KRW 10,724 million compared to KRW 17,696 for the same period a year ago. Net cash provided by operating activities was KRW 2,989,125 million compared to KRW 4,267,733 million for the same period a year ago. Acquisition of property, plant and equipment was KRW 1,185,854 million compared to KRW 2,345,220 million for the same period a year ago. Acquisition of intangible assets was KRW 25,836 million compared to KRW 63,638 million for the same period a year ago. Adjusted operating profit was KRW 1,858,220 million compared to KRW 2,121,601 million for the same period a year ago.
For the quarter, the company also reported impairment loss on property, plant and equipment was KRW 29,167 million compared to KRW 9,213 million for the same period a year ago. Impairment loss on goodwill and other intangible assets was KRW 2,671 million compared to KRW 10,687 million for the same period a year ago. Impairment loss on assets held for sale was KRW 14,917 million compared to KRW 2,163 million for the same period a year ago.
CSN , Itochu, JFE Steel, Kobe Steel, Nisshin Steel and Posco to Create New Firm
Nov 24 14
CSN and the partners with which it launched its Namisa iron ore venture agreed to create a new firm that combines assets of both companies. CSN holds 60% of Namisa and its partners are Itochu, JFE Steel, Kobe Steel and Nisshin Steel, together with Posco. The deal, which is conditioned on regulatory approvals, 'envisages the combination of the mining operations and part of the related logistics of CSN and Namisa, which will be segregated in a new company. CSN intention is to unite its mining assets, bringing together in a single company Namisa and its Casa de Pedra iron ore mine to create the third largest iron ore miner.
POSCO To Reportedly Postpone IPO Of POSCO ENERGY
Nov 13 14
POSCO (KOSE:A005490) will postpone an initial public offering (IPO) of POSCO ENERGY Co., Ltd. for at least two more years because it has become difficult to set an appropriate price, reported Korea Times citing industry sources. The sources said that POSCO Energy's worsening performance this year has made it almost impossible to get the amount it seeks. Hwang Eun-yeon, Chief Executive Officer of POSCO ENERGY, said that the company would go public in 2015 in line with its parent company's restructuring scheme for its affiliates. POSCO declined to comment on the issue to the Korea Times, saying that POSCO ENERGY had been handling its own IPO issue. A POSCO Energy spokeswoman said nothing had been decided yet as to whether the company would sell its stakes or list on the stock market. The spokeswoman said, "It is true that POSCO has been trying to dispose of stakes in its energy business unit to secure cash, but it hasn't decided how to do it." The spokeswoman refused to confirm whether or not the IPO has been delayed.
Lithium Americas Corp. and POSCO Provide Update on the Development of its Cauchari Olaroz Lithium Project
Nov 4 14
Lithium Americas Corp. provided an update on the development schedule of its Cauchari-Olaroz lithium project in Jujuy Province, Argentina. Pursuant to the previously announced Co-operation Agreement with POSCO, POSCO's final stage lithium extraction pilot plant arrived at port in Antofagasta, Chile, and has now been delivered for final assembly to LAC's Cauchari salar in the Jujuy province of northern Argentina. It is expected to be operational in late November, 2014, and then be subject to a short confirmatory test period. Following determination by POSCO that the pilot plant is operating to expectations, LAC and POSCO will enter into a 90-day exclusivity period for the negotiation of an agreement for commercial stage production.