POSCO to build a ferrochrome JV with IMFA

South Korea's POSCO, the world's No. 3 steelmaker, said on Thursday it had signed a deal with Indian Metals and Ferro Alloys to form a ferrochrome producing joint venture.

 
Seoul: South Korea's POSCO, the world's No. 3 steelmaker, said on Thursday it had signed a deal with Indian Metals and Ferro Alloys to form a ferrochrome producing joint venture.

The deal will help POSCO secure a stable supply of ferrochrome, a key component in stainless steel, as the firm imports 480,000 tonnes of the metal every year, POSCO said.

Under the agreement, POSCO will hold a 24 percent share in the joint venture,which will run an electric furnace with an annual output capacity of 35,000 tonnes, and IMFA will control the remaining 76 percent stake.

"We hope to closely cooperate with the IMFA in other Indian projects such as the establishment of an intergrated mill in Orissa," Oh Chang-kwan, senior executive vice president of POSCO, was quoted as saying.

Bureau Report

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