Tag: Posco

Vale is in talks with two South Korean firms to reduce its stake in a joint venture to build an integrated steel mill in Brazil. Vale's stake may decrease from 50% to 30% in the second phase of construction of the plant, while POSCO and Dongkuk Steel could increase their stakes to 35% each. Currently, POSCO and Dongkuk Steel hold a 20% and 30% stake in the project, respectively.

POSCO approved a USD 1.98 billion investment plan at its shareholders' meeting. The investment is for the construction of its third FINEX blast furnace, a No. 4 wire rod plant and a new stainless steel plant. Building the third FINEX blast furnace will improve its competitiveness, while constructing the No. 4 wire rod plant will allow the company to meet the rising demand for wire rod.

Japanese and Korean steel firms have entered into an agreement to acquire a 15% stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) for USD 1.9 billion. JFE Steel Corporation, Nippon Steel Corporation, Sojitz Corporation, Japan Oil and Gas, and Metals National Corporation will acquire a 10%

POSCO has obtained approval from India's Ministry of Environment and Forests to build its USD 12 billion steel complex in Orissa.

POSCO has entered into an agreement with Indian Metals & Ferro Alloys Ltd (IMFA) to establish a joint venture (JV) ferrochrome producing company. This will allow POSCO steady and economic access to main materials for its stainless steel production. 

POSCO will invest in a 200,000tns/yr cold rolled stainless steel plant in Vietnam. Commercial production will be available by February 2012.

Kibar Holding has signed a deal with POSCO and its affiliate Daewoo International to build a stainless steel cold rolling plant in northwest Turkey.

Patrick J. Mullarkey has been named President of United Spiral Pipe LLC, a spiral welded tubular products manufacturing JV between POSCO, United States Steel Corporation and SeAH Steel Corporation.

POSCO has entered into a joint shareholders agreement with Samchully and Korea National Oil Corp. to survey two oil and gas fields in West Ferghana/Chinabad in Uzbekistan.

Indian Metals and Ferro Alloys (IMFA) has teamed up with POSCO to produce ferrochrome in India.