MARKETS

Posco eyes Talbot's Macarthur stake

SOUTH Korean steelmaker Posco is the latest to put its hand up as an interested buyer in Ken Talb...

Angie Tomlinson

Posco told Dow Jones yesterday it was interested in founder Ken Talbot's 19.8% stake, but as yet had not had discussions with the Queensland miner.

Last month India's ArcelorMittal took a 14.9% stake in Macarthur, 4.3% of which came from Talbot's holding in the company.

Yesterday Macarthur said that talks with ArcelorMittal are continuing.

Already another foreigner has an interest in Macarthur, with China's Citic Resources holding a 17.7% stake in the miner.

Posco has worked to secure its raw material supply through taking stakes in Australian mines, including Carborough Downs (5%), Foxleigh (20%) and Glennies Creek (5%). It also has links with explorer Cockatoo Coal.

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