Korean steelmaker offloads SKT stake

South Korea’s largest steelmaker Posco has sold its KRW197 billion (USD193 million) stake in mobile phone operator SK Telecom (SKT) as part of a strategy to dispose of assets unrelated to its core business. Posco sold 1.1 million SKT shares for KRW178,800 each, or a 3.9% discount to Tuesday’s closing price, before the market opened yesterday, according to an official spokesperson for the steelmaker. Posco received SKT stock in 2000 in exchange for shares in the then Shinsegi Telecom Company. The sale was managed by Deutsche Bank, Morgan Stanley, and UBS. Shares in SKT dipped by as much as 3.2% in Seoul, in the wake of the news.