August 2, 2000, Korea-based Pohang Iron and Steel Company (POSCO) and Japan-based Nippon Steel Corp (NSC) set up cross-border, cross-shareholding alliance. At a joint press conference, the two companies said that their union is not limited to their company, and said the other approaches would be welcomed. Their invitation aroused interest of the largest steel producer in China, Baoshan Iron & Steel Ltd (Baosteel). In January 2001, Baosteel signed a Memorandum of Understanding with POSCO to build cross-shareholdings in each other's shares. The company also plans to invite the NSC to acquire a stake in the group. If Sino-Japanese alliance failed, the three giants would create a three-way cross-border, cross-shareholding alliance. This bold move will help Baosteel, to get the upper hand in competition with European and American companies are eager to enter the Asian market. "Hide
by Zhigang Tao, Maria Ho Source: University of Hong Kong, 19 pages. Publication Date: January 24, 2002. Prod. #: HKU188-PDF-ENG
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