POSCO Holdings Sells Half of Its Nippon Steel Stake Worth 238.8 Billion Won

POSCO Holdings has reportedly sold about half of its stake in Nippon Steel.

According to industry sources on the 24th, POSCO Holdings disposed of approximately 7.85 million shares-about half of its 1.5% stake (15.69 million shares) in Nippon Steel-through a block deal (after-hours bulk trading) following the market close on this day. Based on the closing price of 3,222 yen per share, the sale is estimated to be worth about 25.3 billion yen (approximately 23.88 billion won).

This move is part of the plan to sell all of its shares in Nippon Steel, which was publicly announced in March. In last year's business report, POSCO Holdings revealed its intention to sell its stake in Nippon Steel, valued at 467 billion won, which it had held for over 20 years since the early 2000s.

When POSCO was established in 1968, it received technological and financial support from Nippon Steel to build the Pohang Steelworks, and Nippon Steel also dispatched key engineers to the site. As POSCO grew into an independent global steelmaker through its own research and development, the relationship between the two companies shifted to one of strategic competition and cooperation. To strengthen their partnership, POSCO has held a certain percentage of Nippon Steel shares since the early 2000s, and Nippon Steel has similarly held shares in POSCO.

However, Nippon Steel sold its entire 3.42% stake in POSCO Holdings last year while pursuing the acquisition of US Steel. At the time, this stake was estimated to be worth about 1.1 trillion won.

POSCO Holdings plans to dispose of its remaining shares in Nippon Steel soon. The proceeds from the sale are expected to be used to strengthen the competitiveness of its core businesses.