POSCO Group executives have started to practice responsible management and defend stock prices by buying their company shares.
Executives of POSCO, POSCO International, POSCO Chemical, POSCO ICT and POSCO C&C are seeking to purchase their respective company's shares as the stock price continues to weaken due to worsening internal and external conditions such as COVID-19.
According to the Financial Supervisory Service and POSCO, 51 executives, including POSCO Chairman Choi Jung-woo, bought a total of 16,000 shares worth 2.6 billion won until March 23.
Eighty-nine POSCO Group executives from five listed companies have also purchased a total of 2.1 billion won worth of shares in their respective companies, including 74,000 POSCO International shares and 15,000 POSCO Chemical shares.
They are voluntarily joining the group to express their commitment to responsible management.
The purchase of company shares by POSCO Group executives is interpreted as a willingness to convey to the market a signal that POSCO-related shares are under excessive undervaluation amid unstable stock markets worldwide, and to show their confidence in the company's stock price recovery.
The purchase of company shares by all executives of POSCO Group is expected to continue for the time being.