Buffett Looks to Raise Posco Stake: Reports - TheStreet

Buffett Looks to Raise Posco Stake: Reports

Warren Buffett is looking to increase his holding in Posco, Asia's most profitable steelmaker, according to reports.
Author:
Publish date:

POHANG, South Korea (

TheStreet

) --

Warren Buffett

is looking to increase his holding in

Posco

(PKX) - Get Report

, Asia's most profitable steelmaker, according to reports.

Buffett's investment vehicle

Berkshire Hathaway

(BRK.A) - Get Report

"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

Bloomberg

, 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,

Bloomberg

reports.

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

Bloomberg.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.