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01 October 2023

Buffett wants more of steelmaker Posco’s shares

By Reuters
South Korea's Posco said on Tuesday US investor Warren Buffett, whose investment vehicle owns 4.5 per cent of the world's No.4 steelmaker, had indicated he wanted to buy more Posco stocks.

Posco said in a statement that the US billionaire said he wanted to own more Posco stocks after missing the opportunity to buy them on dips last year when the global financial crisis depressed equity asset values.

The comments were made while Posco chief executive Chung Joon-yang visited Buffett's Berkshire Hathaway headquarters in Omaha, Nebraska on Monday, Posco said.

Shares in Posco, worth $46 billion, have enjoyed steady recovery momentum since last year, more than doubling from a 2009 low in March to hit a two-year high of 633,000 won last week.

The shares were trading up 1.2 per cent at 605,000 won as of 0359 GMT, versus a 0.25 per cent gain in the broader market.


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