POSCO, Ukrainian firm agree on cooperation

SEOUL, Oct. 7 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Wednesday
that it has signed a memorandum of understanding (MOU) with Ukraine's Metinvest
BV for business cooperation.
Under the MOU, the two companies will cooperate in iron ore and other resource
materials development.
Ukraine is home to the world's largest iron ore deposits, and ranks as the
sixth-biggest in coal deposits. Metinvest is Ukraine's third-biggest steelmaker.
Last month, POSCO also announced a plan to form a joint venture in Kazakhstan as
part of efforts to produce high-quality steel products.
The venture, to be set up along with Kazakhstan-based UKTMP, will produce
titanium slab that POSCO will import to process into sheet at its plants in South
Korea, according to the company.
The venture will start production in the second half of next year, and titanium
products will be sold in South Korea, China and Europe, the steelmaker said.
sam@yna.co.kr
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