Posco News

Korea`s top steel maker POSCO, which benefited from Japanese loans under the 1965 Korea-Japan treaty that normalized bilateral ties, will donate 10 billion won to Koreans forcefully drafted into the Japanese military under Japanese colonial rule.

POSCO on Friday denied a report that lawmaker Lee Sang-deuk, elder brother of President Lee Myung-bak, encouraged the steelmaker to make a failed investment in a savings bank two years ago.

Evidence has appeared implicating former Vice Knowledge Economy Minister Park Young-june`s involvement in the appointment of the chairman of Korea`s leading steel maker POSCO.

South Korean stocks closed 0.27 percent lower Thursday as election results renewed European debt concerns and caused U.S. stocks to fall in overnight trading, analysts said.

Steelmaker mired in controversial 'Picity' development project and patent suit POSCO, the world's fourth-largest steelmaker, is mired in the influence-peddling scandal involving "Picity." Suspicious eyes are looking to relations between POSCO and JE&T chief Lee Dong-jo after prosecutors summoned Park Young-joon, a former vice commerce minister and ... (more)

A criminal investigation into a corruption scandal involving a shopping mall developer took a new turn when prosecutors summoned Park Young-joon, a former vice minister of knowledge economy and one of President Lee Myung-bak's closest protgs, for questioning Wednesday.