▲ The company log of POSCO Holdings Inc. (NOT FOR SALE) (Yonhap)

POSCO Holdings-stock cancellation

POSCO Holdings to cancel 672 bln won worth of own stocks

SEOUL, Aug. 12 (Yonhap) -- POSCO Holdings Co., South Korea's top steelmaker, said Friday it has decided to cancel 672 billion won (US$517 million) worth of its stocks to boost shareholder value.

Some 2.61 million treasury shares subject to the move represent about 3 percent of its total stock issued.

"We will review various measures for shareholder returns in the future," the company said in a statement.

POSCO Holding's treasury stock cancellation is the first time since 2004.

The steelmaker also decided to grant 4,000 won in dividends per share for the second quarter, raising its dividend payout in the first half to 8,000 won apiece.

Shares in POSCO were trading at 260,500 won on the Seoul bourse as of 2:49 p.m., up 1.36 percent from the previous session's close.

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