POSCO signed a memorandum of agreement (MOA) with Iranian steelmaker PKP (Pars Kohan Diar Parsian Steel) to construct an $1.6 billion integrated steel mill.
POSCO will construct an integrated steel mill capable of producing 1.6 million tons per year in Iran, through use of its innovative technology FINEX and CEM.
POSCO and PKP agreed to carry out the project in two phases. Phase 1 will involve the construction of the integrated steel mill capable of producing 1.6 million tons annually by applying FINEX and CEM. In Phase 2, the two companies will additionally build a cold rolling and plating line with an annual capacity of 600,000 tons, thereby accelerating production of high-value products.
The construction site for the integrated steel mill is located in CFZ near the coast of Oman, south of Iran. CFZ is conveniently located due its abundance of raw materials and tax privileges. Before breaking ground in March 2017, POSCO will finalize the specifications for the facilities, and perform technical reviews and due diligence.
|Type||Integrated Steel Mill|
|Estimated Cost||$1.6 Billion|
|Annual Capacity||1.6 Million Tons|
Source : posco.com