jawn619 Posted May 13, 2015 Share Posted May 13, 2015 Posco to plan sale of 15.2% stake in Sandfire for about $130M Link to comment Share on other sites More sharing options...
zenith Posted May 15, 2015 Share Posted May 15, 2015 Top POSCO Executives Resign Over Scandal All 32 top executives at steelmaker POSCO resigned Thursday and the company formed a special committee to overhaul its image and business culture. The resignations come amid allegations that the steelmaker was involved in a widening political graft scandal that forced the prime minister to step down. A POSCO spokesman promised the reform committee, headed by chairman Kwon Oh-joon, will spearhead changes. Link to comment Share on other sites More sharing options...
Guest notorious546 Posted May 15, 2015 Share Posted May 15, 2015 Top POSCO Executives Resign Over Scandal All 32 top executives at steelmaker POSCO resigned Thursday and the company formed a special committee to overhaul its image and business culture. The resignations come amid allegations that the steelmaker was involved in a widening political graft scandal that forced the prime minister to step down. A POSCO spokesman promised the reform committee, headed by chairman Kwon Oh-joon, will spearhead changes. http://www.koreaherald.com/view.php?ud=20150514001235 Link to comment Share on other sites More sharing options...
sleepydragon Posted May 15, 2015 Share Posted May 15, 2015 Top POSCO Executives Resign Over Scandal All 32 top executives at steelmaker POSCO resigned Thursday and the company formed a special committee to overhaul its image and business culture. The resignations come amid allegations that the steelmaker was involved in a widening political graft scandal that forced the prime minister to step down. A POSCO spokesman promised the reform committee, headed by chairman Kwon Oh-joon, will spearhead changes. oh, well. I have to say Korean has better corporate ethic than Chinese company. In China( or Taiwan), nobody is going to resign. They go to jail sometimes, but resign, unheard of. Link to comment Share on other sites More sharing options...
zenith Posted May 20, 2015 Share Posted May 20, 2015 someone just sold 2000 puts at $1.20 for November with a 50 strike price, getting $240,000 and a buyer if the stock is under 50 by November of 200,000 shares. Link to comment Share on other sites More sharing options...
ccplz Posted May 23, 2015 Share Posted May 23, 2015 http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3002875&cloc=joongangdaily%7Chome%7Cnewslist2 Never good to invest in companies that prioritize the interests of select politicians/the government over that of shareholders. Link to comment Share on other sites More sharing options...
zenith Posted May 29, 2015 Share Posted May 29, 2015 During his recent visit to Korea earlier this month, Prime Minister Narendra Modi had a closed-door meeting with Posco CEO Kwon Oh-Joon. According to the ministry of external affairs (MEA) officials, the Odisha project was not even raised by its chief. Sources said it was a clear signal by the company that it is planning to exit the project. http://www.business-standard.com/article/economy-policy/govt-mulls-korea-plus-even-as-poscos-12-bn-steel-plant-hangs-in-air-115052801271_1.html Link to comment Share on other sites More sharing options...
zenith Posted June 2, 2015 Share Posted June 2, 2015 POSCO Engineering & Construction Co Ltd said on Tuesday it was issuing new shares worth 397 billion won ($356.8 million) to a special purpose company set up by Saudi Arabia's Public Investment Fund. South Korean steelmaker POSCO which owns nearly 90 per cent of construction unit POSCO E&C, had been seeking to offload assets and cope with the steel market downturn. Read more at: http://economictimes.indiatimes.com/articleshow/47512818.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted June 4, 2015 Share Posted June 4, 2015 The decline in Posco is relentless. Seems like it's down 2-3% nearly every day. I'm slowly accumulating a position in my IRA as it falls and once I reach a certain point I'll sell the ones in my taxable account (after a 31 day delay) to get some relief on my gains this year. The double position is killing me though as it goes lower every day... Link to comment Share on other sites More sharing options...
wachtwoord Posted June 5, 2015 Share Posted June 5, 2015 The decline in Posco is relentless. Seems like it's down 2-3% nearly every day. I'm slowly accumulating a position in my IRA as it falls and once I reach a certain point I'll sell the ones in my taxable account (after a 31 day delay) to get some relief on my gains this year. The double position is killing me though as it goes lower every day... Wow. Last time I looked this was still in the way to expensive group, this going down fast. If I can find some time I'll investigate, did anything materially change lately or just the overall steel glut? What is your fv estimate? Link to comment Share on other sites More sharing options...
jason Posted June 5, 2015 Share Posted June 5, 2015 I think Munger said in a speech he purchased it when it was @ 5-6Xeps and had no debt at that level. Still a very very far way to fall to get back to these levels and then it would be a massive no brainer. Youre right though its dropping everyday I would love to get shares around $30 when the eps valuation would be single digit and it would be at a ridiculously low PB valuation. Link to comment Share on other sites More sharing options...
karthikpm Posted June 5, 2015 Share Posted June 5, 2015 The decline in Posco is relentless. Seems like it's down 2-3% nearly every day. I'm slowly accumulating a position in my IRA as it falls and once I reach a certain point I'll sell the ones in my taxable account (after a 31 day delay) to get some relief on my gains this year. The double position is killing me though as it goes lower every day... TwoCitiesCapital.. Do wash sale rules not apply for a person regardless of what account it is in? I think Munger said in a speech he purchased it when it was @ 5-6Xeps and had no debt at that level. Still a very very far way to fall to get back to these levels and then it would be a massive no brainer. Youre right though its dropping everyday I would love to get shares around $30 when the eps valuation would be single digit and it would be at a ridiculously low PB valuation. 30 ? I'll shit my pants at that price :'( Link to comment Share on other sites More sharing options...
jason Posted June 6, 2015 Share Posted June 6, 2015 Posco is one of those companies that would inevitably regress to the mean when steel prices improve. Even if your per unit price is high and it goes to $30 no doubt it will go back to 1x book value. Id just rather wait until it stabilizes. Seems like unfortunate news each day. Link to comment Share on other sites More sharing options...
frommi Posted June 6, 2015 Share Posted June 6, 2015 Posco is one of those companies that would inevitably regress to the mean when steel prices improve. Even if your per unit price is high and it goes to $30 no doubt it will go back to 1x book value. Id just rather wait until it stabilizes. Seems like unfortunate news each day. What is the "mean" for steel prices? Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted June 8, 2015 Share Posted June 8, 2015 The decline in Posco is relentless. Seems like it's down 2-3% nearly every day. I'm slowly accumulating a position in my IRA as it falls and once I reach a certain point I'll sell the ones in my taxable account (after a 31 day delay) to get some relief on my gains this year. The double position is killing me though as it goes lower every day... TwoCitiesCapital.. Do wash sale rules not apply for a person regardless of what account it is in? The wash sale rule is why I have to wait the 31 days I mentioned. Link to comment Share on other sites More sharing options...
jawn619 Posted June 17, 2015 Share Posted June 17, 2015 52 week lows today. Has anyone looked at how much debt Posco has? How much does the parent actually have? Also it looks like most of the subsidiaries are not worth much. Link to comment Share on other sites More sharing options...
Foreign Tuffett Posted June 19, 2015 Share Posted June 19, 2015 52 week lows today. Has anyone looked at how much debt Posco has? How much does the parent actually have? Also it looks like most of the subsidiaries are not worth much. As of Q1 the parent has about $5.8B in debt at the current exchange rate. The good news is that this has come down significantly in just the last few quarters. POSCO thinks that subsidiaries are worth quite a lot. I've attached the YE 2014 values, but I haven't had time to dig in to how realistic they may be. Link to comment Share on other sites More sharing options...
compounding Posted June 19, 2015 Share Posted June 19, 2015 A few articles on China that might be of interest for the folks following this thread. Seems like output from China is finally on a downward trajectory, and maybe consolidation can lead to further capacity reductions. China Deepens Steel Cuts as Iron Bull Market Crushes Profit http://www.bloomberg.com/news/articles/2015-06-19/china-deepens-steel-cuts-as-iron-ore-bull-market-crushes-profit China’s Churning Out Steel And the World Isn’t Happy http://www.bloomberg.com/news/articles/2015-06-18/china-s-churning-out-steel-and-the-rest-of-the-world-isn-t-happy China’s Steel Slowdown Seen Setting Stage for Consolidation http://www.bloomberg.com/news/articles/2015-06-17/china-s-steel-slowdown-seen-setting-stage-for-consolidation Link to comment Share on other sites More sharing options...
Max Alpha Posted June 20, 2015 Share Posted June 20, 2015 The problem is domestic demand is declining as well, which is offsetting the cuts. http://www.issb.co.uk/graphs/asia/asia2_small.gif Link to comment Share on other sites More sharing options...
Kiltacular Posted June 22, 2015 Share Posted June 22, 2015 https://en-maktoob.news.yahoo.com/pif-acquires-38-posco-engineering-1-1bn-053453117.html The Public Investment Fund of Saudi Arabia (PIF) signed an agreement worth $1.1 billion to acquire 38 percent of the equity of Korean POSCO Engineering and Construction Company, on June 15. Link to comment Share on other sites More sharing options...
compounding Posted July 15, 2015 Share Posted July 15, 2015 Posco 2Q earnings and presentation of new business plan out today: http://www.posco.com/homepage/docs/eng3/dn/invest/archive/2015_2Q_Presentation_eng_final.pdf Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted July 15, 2015 Share Posted July 15, 2015 Posco 2Q earnings and presentation of new business plan out today: http://www.posco.com/homepage/docs/eng3/dn/invest/archive/2015_2Q_Presentation_eng_final.pdf Well...note quite sure we're on target for tripling earnings as of this year like they had thought back in February, but their projections for how quickly they plan to reduce foregin/domestic subsidiaries and scaling up new business looks good. Link to comment Share on other sites More sharing options...
sriraja Posted July 16, 2015 Share Posted July 16, 2015 POSCO may scrap planned $12 bn steel project http://businesstoday.intoday.in/story/posco-may-scrap-planned-$12-bn-steel-project/1/221797.html Link to comment Share on other sites More sharing options...
Guest 50centdollars Posted July 16, 2015 Share Posted July 16, 2015 http://www.theguardian.com/business/2015/jul/09/steel-cheaper-per-tonne-than-cabbage-in-china-as-iron-ore-hits-six-year-low Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted July 16, 2015 Share Posted July 16, 2015 http://www.theguardian.com/business/2015/jul/09/steel-cheaper-per-tonne-than-cabbage-in-china-as-iron-ore-hits-six-year-low What's the likelihood this headline marks the bottom? I mean steel cheaper than cabbage? It does seem ridiculous.... Link to comment Share on other sites More sharing options...
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