POSCO and Mitsui in jv to establish POSCO Terminal

POSCO and Mitsui in jv to establish POSCO Terminal

South Korean giant steelmaker POSCO and the Japan's Mitsui&Co. are getting into a joint venture with the purpose of providing services of transportation, storage and distribution of coal, iron ore and ferroalloys. The joint venture, named Posco Terminal Ltd. will ship raw materials from Australia, Brazil, and South Africa into Asia. It will be established in South Korea by the end of January with an initial capital of KRW 500 million, according to press reports. Such capital is planned to be raised to KRW 20 billion afterwards. 51% stake of the joint venture will be held by POSCO and the balance 49% by Mitsui. At the first stage the joint venture is expected to handle 2 million ton per year, and than to double its capacity by 2007.