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POSCO Signs MOU for Cooperation with Chongqing Iron & Steel (Group) Co., Ltd.

Sunday, 22 Sep 2013 08:14pm EDT 

POSCO announced that it has signed a memorandum of understanding (MOU) for cooperation with Chongqing Iron & Steel (Group) Co., Ltd., a China-based state-owned company, for the establishment of a joint venture. The two investors will both hold a 50% stake in the new entity. The joint venture will be mainly applying fine ore reduction smelting (FINEX) method.