Nabors Capital

By Staff -- Purchasing, 9/2/1999

An investment group led by Nabors Capital of the U.S. and Choonghoo Industry of Korea is buying bankrupt Hanbo Steel Co., South Korea's second-largest steelmaker, for $500 million. Hanbo collapsed in January 1997, one of the first big companies to falter as Korea's debts reached crisis levels. The firm owes creditors $6.7 billion. Nabors Capital is a subsidiary of Nabors Industries Inc., the largest U.S. driller of onshore oil and gas wells. Its bid partners include Hoogovens, the largest Dutch steelmaker, which will run Hanbo.

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