POSCO forms alliance with SeAH Steel

South Korean steel giant POSCO announced on February 6, 2007 that it has formed a strategic alliance with SeAH Steel, South Korea's largest pipe producer, to build a steel pipe factory in North America this year. As part of the alliance, the plant, to be built in collaboration with SeAH Steel, will be designed to produce 270,000 tons of API steel pipes per annum. Moreover, POSCO will buy a 10.1 percent stake in SeAH Steel for Won 18.8 billion ($19.9 million), while SeAH will purchase POSCO shares of equivalent value.