Poco Holdings (KRX:005490) responded to a recent media report about acquiring a stake in Cleveland Cliffs, according to a filing with the Korea Exchange on Monday.
The company said in the filing that it has signed an MOU with Cleveland Cliffs as part of its growth strategy overseas, and discussions are ongoing. In addition, equity ownership and investment size have yet to be decided.
Posco added that no decision has been finalized.
Shares of the company gained over 2% in recent trade.
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