Posted on 22 October 2007

 

Source: Antara, October 22, 2007

POSCO Co., South Korea's largest steelmaker, said today it would form a joint venture with Japan's Nippon Steel Corp. to build a rotary hearth furnace in its main plant in southern South Korea.

The furnace, which will set up in January next year in Pohang, 374 kilometers south of Seoul, is the first manufacturing venture between POSCO and Nippon Steel, which formed a strategic alliance in August 2000 to fend off foreign hostile takeover bids.

POSCO said it would own 70 per cent of the joint venture with paid-in capital of 39 billion won (US$42.5 million). Nippon will hold the remaining shares.

 

 

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