Yamato Kogyo Co., the nation's major electric furnace steelmaker, said Wednesday it has agreed to buy South Korean electric furnace steelmaker Hanbo Corp. in late October.
The company, together with affiliate Yamato Kogyo (U.S.A.) Corp., will make the purchase for around 142 billion won, the company said in a news release.
Hanbo, based in Seoul, has capacity to produce 1.1 million tons of steel a year. It had staff of 698 as of late April and recorded fiscal 2001 sales of 302.8 billion won.