Signed agreement to purchase Daewoo International shares - Posco

Posco signed a share sale and purchase agreement with Kamco, the head of Daewoo International Joint Sales Council, on August 30th at the COEX InterContinental Hotel in the presence of Chairman Joonyang Chung and Kamco CEO Cheol-hui Lee. Posco, which was selected as a preferred bidder this past May 14th, by entering this main agreement acquires approximately 68% of Daewoo International shares totaling 68 681 566 shares. The final undertaking cost is 3372.4 billion KRW, 87.8 billion KRW (2.5%) less than the original offer. Posco plans on paying for this cost within its cash assets without any external loans. Share transfer and remaining payments will be completed by the end of September.

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