posco increase holding, page-11

POSCO is one of the largest steel makers in the world. No 3 i think. It is a south korean company and was one of the original investors in mmx.

Originally they secured a 12% stake in mmx and have been diluted over the last few years down to about 9%.

The latest buy up may not be an attempt to place themselves in a t/o position but merely putting themselves back to the same % position they were in in 2005. ie 12%.

I think a t/o play by POSCO is unlikely. POSCO have always been more interested in securing long term supply from a variety of miners. They are not really in the mining game.