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Posco, Nippon Steel to increase stakes

SEOUL: South Korea's Posco and Japan's Nippon Steel Corp. on Friday expanded their capital alliance, saying they will increase their cross-shareholdings amid consolidation in the global steel industry. Nippon Steel will buy a 2 per cent stake in Posco worth 445.1 billion won ($465 million), while Posco will spend the equivalent amount to buy an additional 1.64 per cent of Nippon Steel, the two companies said. — AP

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