POSCO Steelion shares surged to the daily limit as buying picked up after its stock split and investors reacted to expectations tied to supplies for an Australian data center project.
As of 2 p.m. on the 27th, POSCO Steelion was trading at 7,030 won, up 1,620 won, or 29.94%, from the previous session, according to the Korea Exchange. The stock rose to the exchange’s price limit during the session, setting a new 52-week high.
The stock has extended gains for three straight sessions since trading resumed after the split, rising 6.04% on the 23rd and 6.29% on the 24th.
At its regular shareholders meeting on March 26, the company approved a 10-for-1 stock split. The par value per share was reduced to 500 won from 5,000 won, and the number of common shares outstanding increased to 60 million from 6 million.
A stock split does not change a company’s value, but a lower per-share price can sometimes draw additional demand.
Investor sentiment also appeared to be supported by news on the 24th that POSCO Steelion’s hot-dip aluminum-coated steel sheet, branded “ALCOSTA,” was selected as a key material for an Australian hyperscale data center construction project being pursued by a global information technology company.
Some market participants speculated the project involves Nvidia, but that has not been confirmed. The company said it does not disclose details such as the counterparty, volume or contract value, depending on consultations with customers.
* This article has been translated by AI.
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