SEOUL: South Korean steelmaker POSCO said on Friday it has decided not to spin off and sell subsidiary Daewoo International Corp’s resource development business.
POSCO had been seeking ways to offload assets and cope with the steel market downturn.
Shares in general trader Daewoo International rose 5.8 per cent, while POSCO traded flat compared with a 0.4 per cent rise in the wider market.
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