Buffett to increase Posco stake: report
20 Jan 2010
Billionaire investor Warren Buffett has expressed an interest in buying more shares of Asia's steelmaker Posco, Yonhap news agency reported citing the company.
The comments emerged after the South Korean company's chief executive officer Chung Joon-yang met the billionaire chairman of Berkshire Hathaway Inc. yesterday in Omaha, Nebraska.
''Berkshire holds about 3.9 million shares to 4 million shares of Posco and will increase the holding,'' Yonhap reported Korea's largest steelmaker as saying.
''I should have bought more Posco shares when the stock price declined in the economic crisis last year,'' the statement quoted Buffett.
Berkshire owns 3.95 million shares in Posco, bought for $768 million, according to the company's 28 February, 2009 annual statement.
Buffett is showing a profit of more than $1.3 billion on his Posco holding. The Pohang-based steelmaker plans to raise output by 17 per cent this year.
