Buffett Seeks To Raise Stake in Posco (PKX)

Warren Buffett is looking into increase his stake in South Korea steelmaker, Posco (NYSE: PKX), according to reports.

Currently Buffet's investment firm Berkshire Hathaway Inc. (NYSE: BRK) holds nearly 4 million shares of Asia's most profitable steelmaker and "will increase the holding," according to an e-mail statement citing the investor extraordinaire.

The profits from Berkshire Hathaway's holdings in Posco as of its February 2009 annual statement were $1.3 billion.

"I should have bought more Posco shares when the stock price declined in the economic crisis last year," Buffet said in the e-mail statement to Posco.

Buffet has welcomed the expansion of operations in overseas markets such as India, Indonesia and Vietnam, and the potential stake Posco is looking to buy in an Australian iron ore mine to help ramp up production. Posco in planning to spend $30 billion as the company looks to expand its international operations.

Posco's shares on the New York Stock Exchange are up 3.56 percent in midday movement to $135.70.

You May Also Be Interested In

• Susquehanna Downgrades Greenbrier Companies (GBX) to Neutral
• TowneBank adds two directors to its corporate board