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REFILE-Posco, Chongqing Iron & Steel group sign agreement for $3.3 bln investment
July 7, 2014 / 4:55 AM / in 3 years

REFILE-Posco, Chongqing Iron & Steel group sign agreement for $3.3 bln investment

(Clarify that POSCO signed an MOU with parent group of Chongqing Iron & Steel Co.)

SEOUL, July 4 (Reuters) - South Korean steelmaker Posco and the parent group of 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)

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