POSCO based in South Korea has planned to sign a preliminary agreement with an Iranian steelmaker, PKP in Mar’16. The company is to buy a stake in a USD 1.6 bn steel mill project in the Middle Eastern country, as per media sources.
A source on condition of anonymity stated to media, “Now, sanctions have been lifted; POSCO and PKP together have planned to sign a MoA (Memorandum of Agreement) in Mar’16; moving a step further from the MoU.”
In Sept’15, both the companies had signed a Memorandum of Understanding (MoU) to construct a plant, having an annual production capacity of 1.6 MnT in Iran’s Chabahar free economic zone.
– Sourced
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