It looks like a new day for POSCO (PKX),
Korea's giant steel company, as new management has made it clear that
the empire-building of the past is going away in favor of a greater
focus on margins, returns on capital, and businesses with long-term
competitive advantages. The shares look like a decent enough value on
near-term EBITDA, but the long-term potential is more attractive if the
company can get back to mid-single digit ROEs in a year or two and
double-digit ROEs down the road.
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POSCO Looks Serious About Building Value
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