South Korean steelmaker POSCO Holdings has decided to sell all of its shares in Japanese steelmaker Nippon Steel, according to media reports.
This comes after Nippon Steel announced last year that it was going to sell its own shares in POSCO to improve asset efficiency, as SteelOrbis reported previously. Within the scope of its restructuring process to improve its financial strength, POSCO will sell its 1.5 percent share in Nippon Steel for KRW 467.8 billion ($318.93 million).
However, both companies stress that their strategic alliance will remain in place without any changes.