Nippon Steel’s thwarted bid sets up tougher rivalry with Chinese mills
Creating an entity to compete more effectively with China was touted as a key rationale behind the Japanese firm’s proposal to purchase US Steel.
South Korean steelmaker POSCO on Saturday selected Choi Jeong-woo, the head of affiliate Posco ChemTech, as its final candidate to lead the company.
Choi still needed to win approval at an extraordinary shareholders’ meeting on July 27, the company said.
In April, the company said Kwon Oh-jun was stepping down from the chief executive position.
POSCO was privatised in 2000, but chief executives have previously been replaced when a new administration takes office, local media reported.
Reporting by Cynthia Kim; Editing by Stephen Coates.
