POSCO Denies Report Arcelor Mittal Eyeing Bid
POSCO, the world's third-largest steel maker, denied a newspaper report on Friday that a senior Arcelor Mittal executive expressed interest in POSCO's M&A strategy when he visited South Korea last month.
The Korea Economic Daily said Arcelor Mittal, the world's biggest steel maker, could be interested in making a hostile takeover of South Korean steel maker POSCO.
Roland Junck, a member of Arcelor Mittal's management board, met POSCO Chief Executive Lee Ku-taek last month, but M&A issues were not discussed, the South Korean firm said at the time.
"There was no discussion on issues related to M&A when the Mittal executive met POSCO CEO last month," an official reiterated on Friday.
The official also said the company was seeking to increase the number of investors supportive to POSCO's existing strategy to ensure stable management.