(MENAFN) South Korea's top steelmaker POSCO said it has sold its entire stake in an Australian copper mine firm as part of its restructuring efforts to help boost financial health, Yonhap News reported.
The 15.2-percent stake in Australian copper producer Sandfire Resources NL was sold off for USD102.58 million. With the deal, POSCO earned around USD79.71 million in profits, the firm said.
POSCO acquired the stake in 2008 when it sought to invest in the manganese business through the Australian mining and exploration company, which later expanded into copper mining.
The South Korean steelmaker has told investors that it will cut back on investment and secure some USD913.16 million by selling non-core assets, including subsidiaries, this year.
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