POSCO International to Raise 532.9 Billion Won for U.S. Shale Gas Assets

Rights Offering at U.S. Unit Equal to 6.82% of Consolidated Equity

Finance|
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By Jang Hyun-gilucky@sedaily.com
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A view of POSCO International's headquarters in Songdo. /POSCO International - Seoul Economic Daily Finance News from South Korea
A view of POSCO International's headquarters in Songdo. /POSCO International

POSCO International (047050) said on the 14th that its U.S. unit, POSCO International E&P USA, had decided on a 532.9 billion won ($383 million) rights offering.

The unit is a wholly owned subsidiary of POSCO International. The company's stake in the U.S. unit will remain unchanged after the offering.

The offering is equal to 6.82% of POSCO International's consolidated equity of 7.81 trillion won. The proceeds will be used to acquire shale gas assets in the United States.

Industry watchers expect the offering to expand POSCO International's U.S. business beyond its existing liquefied natural gas (LNG) procurement into local resource development. The company also operates gas field projects in Australia and Myanmar.

#POSCOInternational#ShaleGas#RightsOffering#LNG#EnergyInvestment

Original reporting by Jang Hyun-gi for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

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