SEOUL: Warren Buffett wants to buy more shares in Posco, South Korea’s biggest steelmaker said, citing a meeting with the chairman of Berkshire Hathaway Inc.
Buffett “holds about 3.9 million shares to 4 million shares of Posco and will increase the holding,” the Pohang- based steelmaker said today in an e-mailed statement, citing Buffett after a meeting with its Chief Executive Chung Joon Yang in Omaha.
“I should have bought more Posco shares when the stock price declined in the economic crisis last year,” said Buffett, according to Posco’s statement. Berkshire didn’t immediately respond to a message left with Buffett’s assistant Debbie Bosanek.
Buffett’s intention to add Posco shares underscores expectations for a rebound in steel demand from carmakers and builders. Asia’s most profitable steelmaker plans to raise production by 17% this year, and will almost double capital spending to a record to invest in new plants and a mine to expand.
Omaha, Nebraska-based Berkshire owns 5.2% of Posco, according to its Feb. 28, 2009 annual statement. Buffett called the mill the “best steel company in the world,” according to the Posco statement.
Posco shares rose 1.3% to 606,000 won at 12:38 p.m. in Seoul, outperforming a 0.2% advance in the benchmark Kospi index.
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