SOUTH KOREA
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From Times Staff and Wire Reports
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.
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