POSCO reiterates MoU with Cliffs, says no final decision yet

POSCO has reiterated its interest in expanding in the US market. The South Korean steelmaker also confirmed it remains in talks with Cleveland-Cliffs Inc.

POSCO and the Cleveland-based steelmaker signed a memorandum of understanding (MoU) in October to forge a strategic partnership.

“Discussions are underway regarding equity ownership and investment size; however, no decisions have been finalized,” POSCO said in an SEC filing on Tuesday.

POSCO added that it will provide an update by the end of September.

The SEC filing was an update to a media report suggesting POSCO is interested in acquiring a controlling stake in South Korea-based shipping giant HMM.

Cleveland-Cliffs did not respond to a request for comment.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.

Laura Miller

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