ID :
207224
Thu, 09/15/2011 - 05:15
Auther :
Shortlink :
https://oananews.org//node/207224
The shortlink copeid
POSCO to form iron ore venture in Colombia
SEOUL (Yonhap) - POSCO, South Korea's leading steelmaker, said Thursday that it will set up a venture in Colombia for iron ore and coal resource development in the Latin American country in an effort to secure the stable supply of key materials and tap deeper into the South American region.
The venture with Blue Pacific of Colombia, an iron ore and oil developer, will be formed within this year at the earliest, the South Korean steelmaker said.
But POSCO did not give specifics or other details, including how much it will spend on the venture.
POSCO also said it has signed a preliminary agreement with Colombian auto-parts maker Fanalca to build a steel pipe plant, which may have an annual capacity of 200,000 metric tons.
According to POSCO, demand for steel pipes are expected to reach 200,000 tons in 2015, compared with an estimated 30,000 tons in 2013, as the Latin American country is involved in a series of oil and natural gas development projects.
The venture with Blue Pacific of Colombia, an iron ore and oil developer, will be formed within this year at the earliest, the South Korean steelmaker said.
But POSCO did not give specifics or other details, including how much it will spend on the venture.
POSCO also said it has signed a preliminary agreement with Colombian auto-parts maker Fanalca to build a steel pipe plant, which may have an annual capacity of 200,000 metric tons.
According to POSCO, demand for steel pipes are expected to reach 200,000 tons in 2015, compared with an estimated 30,000 tons in 2013, as the Latin American country is involved in a series of oil and natural gas development projects.
