topsecret10 (< 20)

Buffett likes Asian steel stocks,how about this junior sector play

January 25, 2010 – Comments (0) | RELATED TICKERS: SUTR

 Warren Buffett Is bullish on steel,maybe we should be too. Especially when some of the smaller companies like Sutor Technologies offer a compelling value.....    

http://www.sutorcn.com/English/Index.php  Jan. 19 (Bloomberg) -- Warren Buffett wants to increase his stake in Posco, Asia’s most profitable steelmaker, the company said, citing a discussion between Chief Executive Officer Chung Joon Yang and the chairman of Berkshire Hathaway Inc. yesterday.

Berkshire has “3.9 million to 4 million shares of Posco and will increase the holding,” South Korea’s largest steelmaker said today in an e-mailed English statement, citing Buffett. “I should have bought more Posco shares when the stock price dropped during the economic crisis,” Posco cited Buffett as saying.

World steel demand will rise 10 percent this year, Posco said last week when it announced a 77 percent jump in fourth- quarter profit and plans to push ahead with $30 billion of overseas expansion. Buffett, 79, may have a paper profit of more than $1.3 billion in his Posco holding, first disclosed in 2007.

“From the point of view of Buffett, there may be few steel stocks to buy in Asia,” said Chang In Whan, president of KTB Asset Management Co. in Seoul, which manages the equivalent of $8.9 billion in assets. “I’m sure Posco will acquire companies this year, which will help it secure growth in size as well as in efficiency.”   http://www.bloomberg.com/apps/news?pid=20601087&sid=aY2LSBZOFRTE&pos=3