POSCO chief rules out use of business revitalization act

[THE INVESTOR] POSCO has no plans to capitalize on the new law facilitating business restructuring, the company’s CEO said Aug. 24.

Speaking at the Steel Korea conference held in Seoul, POSCO CEO Kwon Oh-joon said that the company is carrying out restructuring regardless of the new act. 

The Special Act of Corporate Revitalization act came into force on Aug. 13 and allows companies working in industries with oversupply problems to alter their business portfolio more easily.

“(The company) has no plans (to utilize the new act) at present. POSCO has been restructuring since two years ago, and (the process) is about 60 percent complete,” Kwon said.

“The company will continue (the restructuring process) until it is 100 percent complete, regardless of the act,” he added.

By Choi He-suk (cheesuk@heraldcorp.com)