SEOUL, South Korean steelmaker POSCO said Wednesday it has raised US$500 million by selling global green bonds for domestic facility investments. POSCO issued the U.S. dollar bond at the interest rate of three-year U.S. Treasurys plus 1.1 percent, the company said in a statement. The steelmaker began to attract investors on Jan. 3, and about 200 institutional investors placed orders reaching $4 billion in the deal, it said. With the proceeds, it plans to build a 2.5-million-ton-a-year electric furnace in its existing integrated steel mill in Gwangyang, 287 kilometers south of Seoul. POSCO has another domestic integrated steel plant in Pohang, 262 km southeast of Seoul, and one overseas plant in Indonesia. Green bonds refer to debts that are sold with the commitment to use the proceeds for green investments. Source: Yonhap News Agency
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