POSCO, Nippon Steel to build furnace in Korea 상세내용
Subject
POSCO, Nippon Steel to build furnace in Korea
date
2007-11-01 00:00:00
일반게시판
내용
POSCO Co., Koreas largest steelmaker, said Monday (Oct. 22) it will a joint venture with Japans Nippon Steel Corp. to build a rotary hearth furnace in its main plant in southern 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 ed a strategic alliance in August 2000 to fend off foreign hostile takeover bids.
POSCO said it would own 70 percent of the joint venture with paid-in capital of 39 billion won (42.5 million). Nippon will hold the remaining shares.
The decision was approved at POSCOs board meeting in India last week, the South Korean company said.
At the meeting, POSCO Chief Executive Officer Lee Ku-taek told reporters the company plans to begin construction of its 12-billion plant in India in April next year.
POSCOs plan to build the factory has been disrupted as local people have protested against being moved from the proposed site of the plant.
