In a business report published on March 9, POSCO Holdings announced the sale of its stake in CSP and stated: "We are trying to improve the efficiency of our assets by selling non-core assets that we have no management rights to."
Previously, 50% of CSP was owned by the Brazilian mining company Vale, 30% by Dongkuk Steel and 20% by POSCO Holdings. ArcelorMittal Brazil has agreed to buy CSP for about $2.2 billion.
ArcelorMittal Brazil has decided to buy Vale, Dongkuk Steel and POSCO Holdings shares for free, on the condition that ArcelorMittal Brazil collects CSP's debts. In addition, the three companies will pay another $102 million. Dongkuk Steel and Vale are also engaged in the sale of shares.