South Korean steelmaker POSCO and China-based Chongqing Iron & Steel have signed a memorandum of understanding for a $3.3 billion investment in China, according to media reports. The agreement will cover POSCO's own steelmaking technology FINEX, which reduces production costs and gas emissions, while also covering mining issues.
As SteelOrbis previously reported, POSCO and Chongqing signed an agreement in September 2013 to build a joint venture facility with an annual steel output capacity of 3 million mt in the city of Chongqing in China.
Source:
http://www.steelorbis.com/steel-news/latest-news/posco-and-chongqing-ink-joint-investment-deal-836467.htm
