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Posco says Buffett wants to hike stake

Posco says Buffett wants to hike stake
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First Published: Tue, Jan 19 2010. 10 46 PM IST
Updated: Tue, Jan 19 2010. 10 46 PM IST
Seoul: Warren Buffett wants to increase his stake in Posco, Asia’s most profitable steel maker, the company said, citing a discussion between chief executive officer Chung Joon Yang and the chairman of Berkshire Hathaway Inc.
Berkshire has 3.9-4 million shares of Posco and will increase the holding, the firm said on Tuesday in an emailed statement, citing Buffett. “I should have bought more Posco shares when the stock price dropped during the economic crisis,” Posco cited Buffett as saying.
World steel demand will rise 10% this year, Posco said last week when it announced a 77% jump in fourth quarter profit, and plans to push ahead with $30 billion (Rs1.36 trillion) of overseas expansion.
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First Published: Tue, Jan 19 2010. 10 46 PM IST