Posted on 28 Jan 2015
POSCO, South Korea’s largest steelmaker, is expected to start building a
steel plant in Chongqing, China, as early as next month.
Mr Kwon Oh-joon chairman of POSCO said that “Chinese Vice Premier Wang
Yang has vowed to approve the construction of the project as soon as
possible. We could receive an authorization next month, at the
earliest.”
But a POSCO spokesperson stressed that nothing had been fixed yet, saying the chairman was just hoping for a quick approval.
If the Korean company gets an approval from the Chinese government, the
construction will start in four years after POSCO and Chongqing Iron
& Steel Group signed a memorandum of understanding to set up a FINEX
steel mill with an annual production capacity of 3 million tonnes.
