POSCO denies plan to build steel plant in Congo
South Korea's POSCO, the world's No 3 steelmaker, on Tuesday denied a media report that it would build a steel plant in the Democratic Republic of the Congo.
January 25, 2011 / 10:47 IST
South Korea's POSCO, the world's No 3 steelmaker, on Tuesday denied a media report that it would build a steel plant in the Democratic Republic of the Congo.
The steelmaker also said it is interested in developing iron ore and cooper mines in the African country, but nothing has been decided yet.Its chief executive, Chung Joon-yang, departed on Monday on a trip to African countries to discuss resources and raw materials development.The Maeil Business Newspaper reported on Tuesday that POSCO planned to set up a steel plant in Congo and secure the rights to develop iron ore and copper mines in the country.The report said Chung plans to sign a "confidential agreement" with Congo president Joseph Kabila on Wednesday to secure the rights to develop a mine with 150 million tonnes of iron ore, and a copper mine."We do not plan to construct a steel mill in Congo. We are interested in iron ore and copper development in the country, but nothing has been decided," a POSCO spokesman said.The Maeil Business Newspaper also said the plant would start ground-breaking early next year at the earliest in Kasumbalesa, Congo. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
