POHANG, South Korea (
is looking to increase his holding in
, Asia's most profitable steelmaker, according to reports.
Buffett's investment vehicle
"holds about 3.9 million shares to 4 million shares of Posco and will increase the holding," South Korea's largest steelmaker said in an e-mailed statement to
, citing Buffett.
"I should have bought more Posco shares when the stock price declined in the economic crisis last year," the statement cited Buffett as saying.
According to its Feb. 28, 2009, annual statement, Berkshire owned 3.95 million shares in Posco bought for $768 million. The profit on the holding works out to more than $1.3 billion, according to a company filing.
Posco is planning $30 billion of overseas expansions in India, Vietnam and Indonesia, and last week said it would buy a stake in an Australian iron ore mine to secure supplies of the steelmaking ingredient,
Buffett "positively welcomes and agrees" to Posco's investment plans to increase raw material supplies and acquire companies to beef up its global marketing efforts, Posco's statement said, according to
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