Market Chatter: Posco Dismisses Pohang Steelworks Chief After Fatal Accidents

MT Newswires Live11-21

Posco (KRX:005490) dismissed Lee Dong-ryeol, the head of its Pohang Steelworks, following an array of deadly industrial accidents at the southeastern coast plant, Yonhap News reported Friday.

A new successor will not be appointed immediately. CEO Lee Hee-geun will lead the facility for the time being while overseeing a full investigation and new safety measures, the report said.

Shares of the steelmaker fell more than 3% at market close.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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