Steel prices to continue climbing for another half year: fund manager

Seoul

THE rally in steel that helped propel Posco shares 55 per cent higher this year may continue for another six months, according to a money manager who bought the stock when it was near a 12-year low.

Baring Asset Management Korea Ltd's head of equities, Hyun Choi, said he started buying Posco shares in late 2015, after South Korea's biggest steelmaker posted its biggest loss in at least five years. That was around the time when Chinese authorities spoke of the need to overhaul state-run companies and address a glut in supply.