Posco Specialty Steel withdraws IPO due to poor demand

The Korean company decides not to proceed with its offering of up to $426 million, which could have been the biggest in Korea this year.

Posco Specialty Steel withdraws IPO due to poor demand
Chicago's Cloud Gate, by Anish Kapoor, with help from Posco

Posco Specialty Steel, which is owned by Korean steelmaker Posco, has decided to withdraw its initial public offering, which was intended to raise between W392 billion and W462 billion $361 million to $426 million, a source said Friday.

The company, which produces high-quality steel for automobiles, machinery, nuclear power plants, shipbuilding, aeronautics and electronics, was planning to sell 14 million shares at a price between W28,000 and W33,000 each. The listing was targeted for...

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