S.Korea's POSCO says concerned over BHP-Rio merger
SEOUL, Nov 20 (Reuters) South Korean steel maker POSCO is concerned that a proposed merger between BHP Billiton and Rio Tinto could result in a monopoly, an executive said on Tuesday.
''Like the Japan Iron and Steel Federation and members of the International Iron and Steel Institute (IISI), POSCO is concerned over a possible BHP-Rio Tinto merger as it will form a monopoly in raw materials including in iron ore,'' Kwon Young-tae, executive vice-president, told Reuters.
BHP Billiton chief executive Marius Kloppers was in Seoul Tuesday to make the case to clients and investors for his firm's rejected 2 billion takeover offer for Rio Tinto. He visited Japan on Monday and is due in China on Wednesday.
REUTERS
BJR
HT1440
Comments
Story first published: Tuesday, November 20, 2007, 15:09 [IST]