Billionaire investor Warren Buffett has denied a POSCO press release saying he plans to buy more shares in Korea’s largest steelmaker. POSCO put out the press release on Tuesday saying the “sage of Omaha” is willing to increase his holding from the current four million shares or 4.5 percent.
The press release was put out after POSCO chairman Chung Joon-yang met Buffett at the influential investor’s firm Berkshire Hathaway in Omaha, Nebraska on Tuesday. It led to three straight days of gains on the bourse for POSCO, but shares plunged on the heels of Buffett’s denial.
Asked whether the press release is true, Buffett told business channel CNBC on Thursday, “I said that I like the company a lot. I wished I had bought more when it was a lot cheaper within the past year. It got way down in terms of price. It’s a wonderful company, but I don’t have plans to buy more. If it went down significantly, I might very well buy more. Certainly I have no plans to sell any.”
Asked if that was lost in translation, Buffett answered, “Yes, it was.” POSCO said the misunderstanding was “a matter of nuance” and added it did not think Buffett “has changed his mind.”
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