South Korean steelmaker Pohang Iron and Steel Co. (POSCO) has announced that it has signed a memorandum of agreement (MOA) with the Iranian steelmaker Pars Kohan Diar Parsian Steel Inc. (PKP) for an integrated steel mill construction in Iran, incorporating POSCO’s environment-friendly FINEX and energy-saver CEM (compact endless cast and rolling mill) technologies.
According to POSCO’s statement, the project will cost about $1.6 billion, and its capacity will be 1.6 million mt of steel per year.
POSCO also signed a memorandum of understanding (MOU) with PKP for the waste gas power plants and desalination projects which will use the excess gas generated by the envisioned steel mill. Future waste gas for power plants and desalination plants is expected to play a role in the stable supply of electricity and water to the mill and Chava Har free economic zones in Iran.