July 4, 2014 / 4:16 AM / 3 years ago

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

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)

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