Posco, Chongqing Iron & Steel sign agreement for $3.3 bln investment
SEOUL, July 4
SEOUL, July 4 (Reuters) - South Korean steelmaker Posco and China's Chongqing Iron & Steel Co. have signed a memorandum of understanding for a $3.3 billion investment, South Korea's trade ministry said on Friday.
The agreement will cover areas including Posco's self-developed steel making technology called Finex and mining, the ministry said in a statement. It did not offer other specifics.
Posco said in September that it agreed to set up a steel mill jointly with Chongqing in western China with an annual production capacity of 3 million tonnes. (Reporting by Se Young Lee; Editing by Sunil Nair)