Posco beefs up trading arm with restructuring of Japanese operations Posco International to inject $87 mil into its Japanese subsidiary
Translated by Ryu Ho-joung 공개 2021-12-23 08:18:13
이 기사는 2021년 12월 23일 08:16 thebell 에 표출된 기사입니다.
Posco looks to beef up its trading arm, Posco International, by restructuring its Japanese operations, a move seen as part of the South Korean steel giant’s broader shift to a holding company structure.Posco International will inject about 104 billion won ($87 million) into its wholly owned subsidiary, Posco International Japan, through a capital increase, according to industry sources. The transaction is expected to close in March next year.
Posco International Japan will use approximately 78 billion won of the proceeds for general corporate purposes and the remaining 26 billion won to acquire goodwill of Posco Japan, the steel maker’s sales unit in the country.
Posco Japan is wholly owned by Posco. Its sales function and workforce will be transferred to Posco International Japan, with Posco Japan focusing on strategic planning in the future.
The move comes amid the steel giant’s efforts to transition to a holding company system. Posco earlier this month announced a plan to separate the company into holding and operating companies. The holding company, named Posco Holdings, will remain listed and own 100% of the newly created operating company.
Posco’s shift to a holding company structure aims at facilitating expansion beyond its mainstay steel business as the conglomerate seeks to find future growth drivers. Posco International is expected to have a greater role in the conglomerate’s new era.
Nearly 95% of Posco International’s total third-quarter revenue came from trade. By region, Asia accounted for the largest share of 59.1%, followed by domestic sales (14.6%), Europe (9.1%) and North America (8.3%).
Posco International’s strong revenue growth, especially in Asia, was driven by Posco International Japan, which recorded 615.8 billion won in revenue, more than twice the revenue of Posco International China.
With Posco International Japan absorbing Posco Japan’s sales organization, its revenue is expected to grow at a faster pace in the future. (Reporting by Kwang-ho Lee)
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