POSCO is going ahead with its ferrochrome JV plans with the IMFA Group, which is scheduled to operational by the end of the current quarter. POSCO will have a 24% stake for USD 5 million in a subsidiary of the Indian Metals & Ferro Alloys Limited, which will produce around 35,000tns of ferrochrome alloy a year. IMFA, which commissioned its newest and sixth furnace in September 2010, is breaking it off into a subsidiary in which POSCO is buying a stake. POSCO will purchase the entire ferrochrome output from the furnace for 25 years, with prices to be determined every quarter. The company has also signed a five year deal with IMFA for the supply of 50,000tns of ferrochrome.
