Deals
Posco Returns to Steel Roots With ‘Aggressive’ Cutback
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Posco pledged to halve its domestic operations and cut overseas units by 30 percent as South Korea’s biggest steel producer focuses on its main business of making the metal.
The conglomerate will “aggressively” exit non-core areas that aren’t competitive, Chief Executive Officer Kwon Oh Joon said at a briefing in Seoul on Wednesday, without identifying which parts of the company. Pohang-based Posco and its affiliates around the world employ about 64,000 people in energy to construction and engineering. It declined to say how many staff would lose their jobs amid the cuts.