POSCO launches steel mill in Malaysia

SEOUL, Nov. 12 (Yonhap) -- Leading South Korean steelmaker POSCO said Wednesday
it has launched a steel mill in Malaysia, giving it a stronger foothold in
Southeast Asia.
The steelmaker, also the world's fourth-largest, bought a 60-percent stake in
MEGS, Malaysia's sole electrolytic galvanized steelmaker for US$16 million last
year in its first overseas acquisition. MEGS is based in Klang, near Kuala
Lumpur.
POSCO changed the name of the unit to POSCO-Malaysia. The Malaysian unit, which
produces 180,000 tons of galvanized steel annually, will meet demand from Samsung
Electronics Co. and other multinational electronics companies there, it said.
POSCO is also looking to expand overseas by building plants in India and Vietnam.
sam@yna.co.kr
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