S.Korea’s POSCO to split off steel operations, become holding company

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FILE PHOTO: The logo of POSCO is seen at the company's headquarters in Seoul

SEOUL -South Korea’s POSCO said on Friday that it planned to split off its steel operations and become a holding company.

The new holding company will own the steel operation and oversee development of new businesses, it said.

The reorganisation is aimed at finding new growth businesses and enhancing shareholder value, POSCO said in a regulatory filing.

POSCO will hold a shareholder meeting on Jan. 28 and the split is expected to take place on March 1. The holding company will be called POSCO Holdings Inc.

(Reporting by Heekyong Yang; Editing by Himani Sarkar and Edmund Klamann)