South Korea stainless steelmaker Posco has denied reports that they are considering taking over Daewoo Shipbuilding & Marine Engineering. Daewoo is the second biggest shipbuilder in the world. It was earlier reported that the world’s fourth biggest steelmaker was looking to buy the shipbuilder. The company also added that they are not looking to enter the automobile parts industry. Shares in both companies rose as reports surfaced last week. Posco will be shutting down their No 1 and No 3 heavy plate rolling machines on November 1 for routine maintenance work. (Aug. 8)