Seoul: POSCO International Co. announced on Monday that its U.S. subsidiary will secure 532.9 billion won (approximately US$396 million) through a rights offering to purchase shale gas assets in the United States. This substantial financial move signifies POSCO International's strategic expansion into the U.S. energy market.

According to Yonhap News Agency, the capital will be raised by POSCO International E and P USA Inc., a wholly owned subsidiary of POSCO International. However, the company has yet to reveal the specific shale gas assets it aims to acquire or the identity of its partner in this deal.

Moreover, POSCO International has committed to providing an additional 266.1 billion won in loans to its U.S. subsidiary by March 15 of the coming year, as stated by a company spokesperson. This further financial support underscores POSCO International's dedication to strengthening its presence in the energy sector.

POSCO International operates as the trading and energy division of the POSCO Group, a diversified conglomerate with interests spanning from steel manufacturing to energy resources.