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PRELIMINARY CONTRACT SIGNED FOR SALE OF KOREA'S HANBO IRON.

AsiaPulse News

| June 01, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SEOUL, June 1 Asia Pulse - A preliminary contract was signed Tuesday to sell Hanbo Iron & Steel Co., a troubled steelmaker which contributed partly to South Korea's 1997-98 foreign exchange crisis.

Lead manager Samil PriceWaterhouseCoopers said it sealed a memorandum of understanding with an INI Steel-Hyundai Hysco consortium on the sale.

The consortium was named last Thursday as the preferred bidder for Hanbo which is currently controlled by the Korea Asset Management Corp. and other creditors.

Under the contract, the consortium on Monday paid guarantee money equivalent to 5 percent of its undisclosed ...

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Source: HighBeam Research, PRELIMINARY CONTRACT SIGNED FOR SALE OF KOREA'S HANBO IRON.

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