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POSCO

5/24/2013, 4:29 PM ET

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Tuesday, April 30, 10:37 AM Mechel's (MTL -2%) board elects not to pay dividends on ordinary shares and says it has signed a three year agreement to supply 500K tonnes of coking coal and 200K tonnes of PCI coal to POSCO (PKX -0.4%). Comment! [Commodities]
Thursday, April 25, 4:55 AM Posco (PKX): Q1 Net profit of ￦292.2B (-54% Y/Y) misses by ￦210.2B. Sales of ￦14.58T (-11% Y/Y). The Company provides FY sales guidance of ￦64T vs. ￦63.3T prior year. The Company achieved 45% of annual cost-reduction target of ￦763.9B in 1Q. Comment! [Earnings, Breaking News]
Tuesday, January 29, 7:43 AM Steelmaker Posco (PKX) says its Q4 earnings plunged 45% Y/Y as higher raw material costs and lower product prices cut into the bottom line. Net profit of 561B won ($515M) was well below analyst expectations of 663B won. Orders from shipbuilders and home appliances makers remained weak, weighing down sales, which fell 19% Y/Y. Comment! [Commodities]
Tuesday, January 1, 6:02 AM Posco (PKX) says it has agreed to acquire a stake in ArcelorMittal Mines Canada, although the South Korean company hasn't decided how big a holding it will buy or how much it will spend. Different reports said that Posco will purchase 15% for $1.1B, or that the firm will acquire the holding as part of a group that includes China Steel. In October, ArcelorMittal (MT) was reported to be considering selling 30% of the Canadian iron ore unit. (Previously) 3 Comments [M&A, Commodities]
Tuesday, December 4, 2012, 3:21 AM A Posco (PKX) led group is reportedly in exclusive negotiations to acquire a 10% stake in ArcelorMittal Mines Canada (MT) after the consortium was named as the preferred bidder for the holding, which is worth $1B. Previous speculation said the South Korean steelmaker would invest $200M-300M in the iron-ore miner, with the rest coming from its partners. Comment! [M&A, Commodities]
Wednesday, November 14, 2012, 4:26 AM South Korean steelmaker POSCO (PKX) is part of a consortium seeking to acquire a 10% stake in ArcelorMittal Mines Canada (MT) for $1B, South Korean publication Money Today reports. POSCO would invest $200M-300M in the iron-ore miner, with the rest coming from its partners. POSCO would only confirm that it's looking at buying a stake in the ArcelorMittal unit. Comment! [Commodities, M&A]
Monday, November 5, 2012, 9:57 AM FuelCell (FCEL) surges 12.1% after receiving its largest ever order, a $181M booking from South Korean partner Posco Energy (PKX) for 121.8 megawatts of fuel cell kits and services. Posco also signs a licensing agreement to manufacture Direct FuelCell power plants in South Korea and sell throughout Asia. Posco will pay FuelCell $26M for the manufacturing rights and then royalties. 9 Comments [On the Move, Energy]
Wednesday, October 31, 2012, 10:26 AM Noble Group (NOBGF.PK, NOBGY.PK) and Posco (PKX) drop their $1.2B takeover bid for Australia's Arrium, balking at paying more after the company's board rejected a sweetened offer. With iron ore prices recovering from three-year lows, analysts say it is in Arrium's interest to stall. Comment! [Commodities, M&A, Global & FX]
Tuesday, October 23, 2012, 8:38 AM Posco (PKX) cuts its annual investment target for resources by 7% to 3.9T won ($3.5B) and adds that it could cut even further after the South Korean steelmaker posted a 25% drop in Q3 profit. Sources say PKX is not seriously considering buying ThyssenKrupp's steel mills in Brazil and the U.S.; while PKX submitted a first-round bid, it only wanted to look at the assets. Comment! [Commodities, Earnings]
Friday, October 19, 2012, 8:26 AM Posco (PKX) plans to nearly double its investment in Indonesia to $11B over the next five years from $6B currently, according to the country's economics minister. The South Korean steelmaker already has a multi-billion dollar JV with Indonesian state-owned PT Krakatau Steel to build power plants on Sumatra island. Comment! [Commodities, Global & FX]
Wednesday, October 10, 2012, 9:02 AM Five suitors are interested in acquiring one or both of ThyssenKrupp's steel mills in Brazil and the U.S. following the first round of bidding for the assets, Die Welt reports. ArcelorMittal (MT) is interested in the steel finishing plant in Alabama, while other potential buyers include Brazil's Vale (VALE), South Korea's Posco (PKX) and Japan's JFE Steel. (previous) 1 Comment [Commodities]
Monday, October 1, 2012, 10:29 AM Australian iron ore miner and steel maker Arrium (ARRMF.PK) rejects a $1B takeover offer from a consortium led by Noble Group and South Korean steelmaker Posco (PKX), describing it as opportunistic. Shares soared 25% in Singapore on news of the bid, but they're still only half of where they traded in May. 1 Comment [Commodities, M&A, Global & FX]
Wednesday, September 26, 2012, 8:56 AM South Korean mobile operator SK Telecom (SKM) says it will sell part of its stake in steelmaker Posco (PKX) for ~$391M to improve its financial structure and secure cash for potential investments. SKM plans to sell 1.24M shares at a discount of up to 5% to Posco's Wednesday closing price of 371K won. Comment! [Energy, Global & FX]
Friday, September 7, 2012, 12:17 PM The steel industry remains burdened with chronic structural overcapacity that will take at least seven years to eliminate, Credit Suisse says, but demand looks to be at the low end of the cycle, suggesting an upturn in the steel market is likely by 2013 or 2014. In such an environment, the firm favors MT, RS, NUE, PKX, TX. 1 Comment [Commodities, On the Move]
Monday, March 5, 2012, 2:32 PM Rio Tinto (RIO -4.4%), selling off with other miners today, says it plans to invest $2B in an iron ore project in the Indian state of Orissa. The mining giant, which has recently benefited from rising iron ore prices, says it's willing to see through India's frequently time-consuming approval process. Korea's POSCO (PKX) announced plans for a giant steel plant in Orissa in 2005, but the project is still mired in red tape. Comment! [Commodities]
Monday, December 19, 2011, 9:41 AM Schnitzer Steel's (SCHN -5.5%) harsh preliminary estimate for Q1 EPS delivers a mixed reaction in the sector, spilling over to taint shares of a few names and helping lift up others. Decliners: PKX -2.8%, X -0.5%. Gainers: AKS +1.5%, MT +1.2%. Comment! [On the Move]