South Korean steelmaker POSCO said on Monday that it has signed an initial agreement to help build a $1.6 billion steel mill in Iran, looking to tap rising demand in the Middle Eastern country as other markets falter.
The lifting of economic sanctions earlier this year on Iran’s disputed nuclear programme is expected to revive the biggest steel market in the Middle East at a time when appetite in major consumer China is slowing.
POSCO and its affiliates plan to take 8 per cent of the project to build the 1.6 million-tonne steel plant with Iran’s Pars Kohan Diarparsian Steel (PKP) in the port city of Chabahar, POSCO said in a statement.
The world’s sixth-biggest steel producer aims to break ground on the plant next year, with a plan to add facilities producing cold-rolled and galvanized steel in 2019, a POSCO spokesman said.
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