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POSCO inks initial deal to build Iran steel mill

Steelmaker POSCO has signed an initial agreement to help build a $1.6bn steel mill in Iran

POSCO has signed an initial agreement to help build a $1.6bn steel mill in Iran. [Representational Image]
POSCO has signed an initial agreement to help build a $1.6bn steel mill in Iran. [Representational Image]

Steelmaker POSCO has signed an initial agreement to help build a $1.6bn steel mill in Iran, Reuters reported.

The South Korean company and its affiliates plan to take 8% of the project to build the 1.6million-tonne plant with Pars Kohan Diarparsian Steel (PKP) in the port city of Chabahar, according to a statement.

POSCO has not diclosed any timeframe for the construction project to date.

Iran aims to triple its steel output to 55 million tonnes by 2025 - reducing its imports of steel products as the Asian market continues to stagnate.

POSCO's construction unit, POSCO Engineering & Construction, plans to build a plant to generate power as part of the project, using gas created by the steel factory.

The construction unit also plans to build desalination facilities to produce 60,000 tonnes of water a day.

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Construction Week - Issue 753
Nov 09, 2019