August 4,
South Korea’s POSCO is looking to buy Indonesian Coal and Iron ore mines, the company’s chief executive said on Wednesday. POSCO’s chief executive Chung Joon-yang said that the firm may acquire Coal and Iron ore mines in Indonesia. “Hopefully we will find some chance for raw material, including Iron ore and Coal mines. Hopefully, this year,” he told Reuters in Jakarta.
POSCO, the world’s No.3 steelmaker, on Wednesday announced it has set up a steel joint venture in Indonesia with the country’s top producer PT Krakatau Steel, as it seeks to raise overseas sales and expand into mineral-rich countries. POSCO holds 70 percent of the venture, while Krakatau has an option to raise its stake to 45 percent from 30 percent as the project expands to double its annual capacity to 6 million tonnes, POSCO said in a statement.
“The project will help us grow in Indonesia and the Southeast Asian market, which has bright growth prospects, and exploit the region’s rich natural resources,” POSCO said in a statement.
“Through this project, POSCO also aims to jointly invest in raw material development. The project is the first overseas integrated steel mill constructed by POSCO, which is expanding into countries with rich mineral resources to secure a stable supply of key steelmaking ingredients such as iron ore and coking coal.
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