POSCO announces closure of wire processing centers in Italy

South Korean steel manufacturer POSCO announced that it plans to spin off its steel business into a holding company, which will be renamed POSCO Holdings after restructuring. The splitting work is expected to take place on March 1, 2022.
The steel business will be owned by POSCO Holdings and remain unlisted to align its growth value with shareholder value,
It is understood that the company’s restructuring is aimed at finding new growth businesses.