POSCO to boost Thai unit's output to 300,000 tons by 2015

POSCO to boost Thai unit's output to 300,000 tons by 2015

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SEOUL, Dec 22 (Yonhap) -- South Korea's leading steelmaker POSCO said Thursday that it plans to boost the annual output of its plant in Thailand to 300,000 tons by 2015 as part of its efforts to meet rising demand.

In September, POSCO succeeded in its takeover bid of Thainox Stainless Pcl, Southeast Asia's largest stainless steel producer, after a tender offer.

The Thai unit, POSCO Thainox Pcl, has an annual production capacity of 180,000 tons, but is seeking to expand its output capacity to 300,000 tons in an attempt to meet stainless steel consumption growth.

POSCO's acquisition of the Thai company is the latest in a series of acquisitions sought after by the world's third-largest steelmaker.

POSCO has been pursuing acquisitions at home and abroad to boost revenue and to catch up with foreign rivals.

Over the past year, POSCO has taken over Asia Stainless Corp. in Vietnam and Taihan ST Corp. in South Korea.

Last year, POSCO also bought a 68 percent stake in Daewoo International Corp., a South Korean trading firm, for 3.37 trillion won to expand its sales network and secure steady supply of raw materials.

However, the steel giant failed last month to acquire Korea Express Co., South Korea's leading logistics firm. (Yonhap)