POSCO E&C pushes for sale of its building in China

By Nam Kwang-sik
SEOUL, Sept. 26 (Yonhap) -- POSCO Engineering & Construction Co., a construction unit of South Korea's top steelmaker POSCO Co., said Friday it is mulling selling a building in Shanghai, China, to enhance its operational efficiency.

"We are expanding our presence overseas, so we commissioned global management
consultancy PricewaterhouseCoopers to conduct a survey on the feasibility of the
building sale. We hope to streamline our business operations by selling this
non-core business asset," said Suh Jeong-hee, a spokesperson for POSCO
Engineering.
POSPLAZA, a 34-story building built by the company in 1999, is currently leased
out by POSCO Engineering, Suh said. "The suitor for the building has yet to be
decided."
Proceeds from the proposed sale will not be used for the takeover of Daewoo
Shipbuilding & Marine Engineering Co., the world's third-largest shipyard, by
POSCO, Suh added.
On September 9, POSCO and three other South Korean companies--Hyundai Heavy
Industries Co., GS Group and Hanwha Group--submitted their formal bids for the
shipbuilder.
ksnam@yna.co.kr
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