Month: October 2009

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SEOUL, Oct 7 (Reuters) – South Korea’s POSCO (005490.KS) said on Wednesday it had signed an agreement with Ukraine’s top steelmaker Metinvest Holding to cooperate in the raw material and steel sectors.

Under the memorandum of understanding (MOU) the two firms will cooperate in seeking steel and mining business opportunities in eastern Europe and the Commonwealth of Independent States (CIS) including Ukraine, a statement from POSCO said.

The statement noted Metinvest accounts for 26 percent of steel production in Ukraine, which is known to hold the world’s largest iron ore and sixth-largest coal reserves.

(Reporting by Cho Meeyoung; Editing by Jonathan Hopfner)

by Noel F. Villadiego

by Noel F. Villadiego

by Janice "ICE" Tee