SOUTH KOREA
Foreigners to Be Able to Buy Steel Stock: Hoping to rebuild confidence in the stock market, the government plans to let foreigners buy a stake in Pohang Iron and Steel, the world’s third-largest steelmaker and a blue chip stock. The government, which owns 35% of the company, said foreign ownership will be limited to 8% of outstanding shares, and an individual foreigner will not be allowed to own more than 1%. With share prices in a prolonged slump, corporations and the government are looking for ways to lure investors back to the stock market.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
