WL Ross sees Kia Steel deal closing in 3rd quarter

Newswire

NEW YORK, May 20 (Reuters) - Distressed asset fund W.L. Ross & Co. expects to take control of Kia Steel Co. in the third quarter after effectively winning an auction this week for the bankrupt Korean steel company, the firm's leader told Reuters. W.L. Ross and partner Goldman Sachs Group Inc. were named the preferred negotiators on Monday to buy the plant and working capital of Korea's largest specialty automotive steel maker with a bid of $360 million, Ross said in an interview. ...

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