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South Korea’s largest steelmaker POSCO has signed an MOU to form a joint venture with Saudi Arabia’s largest private sector steel manufacturer Al-Tuwairqi Holding to invest $15 million in Tuwairqi Steel Mills Limited (TSML).
According to Saleem H Mandviwalla, POSCO will be spending $200 million to boost the production capacity of Tuwairqi steel plant in Port Qasim Karachi.
POSCO is to initially acquire a 15 percent stake in Twarqi and gradually increase its investment up to $200 million to hold a major share.
Under this joint venture, set to be completed in 2015, the two companies are to produce steel products for automobiles and construction goods will have an annual production capacity of 2 million tons.
