POSCO on Monday denied news reports that it was considering taking over STX PanOcean , the country ’ s third - largest shipping and logistics company . “ We have neither discussed the takeover , nor do we have any plan of the sort in the future , ” said a POSCO official . “ POSCO has no reason to take on the risk of taking over STX PanOcean . ” This came in response to a report by a local economic daily that the leading steelmaker might purchase the shipping company , with the aim of expanding its subsidiaries . STX PanOcean ’ s stock had been depreciating in the market since the firm was put up for sale late last year but rebounded on Monday upon the rumor of POSCO ’ s involvement . The stock market operator Korea Exchange thus demanded POSCO make its official notice within the day . STS PanOcean has been experiencing sales losses since 2005 and its total debt as of the third quarter of last year was 5 . 4 trillion won ( $ 5 billion ) , according to officials . ( tellme @ heradlcorp . com ) [ Hot News ] ◆ Park takes helm ◆ Economic democratization overshadows inauguration ◆ Welfare , public safety focus of Park ’ s agenda ◆ Where have we seen it before ? ◆ British teen dies in fall from ski lift