South Korean steelmaker POSCO has announced that it has signed a memorandum of understanding (MoU) with the Cameroon government for cooperation on steel industry development.
Cameroon possesses 5 billion mt of iron ores buried and is ideally located to supply steel materials to countries around the Gulf of Guinea which are showing an increase of more than eight percent annually in steel consumption. According to the agreement, the Cameroon government and POSCO plan to develop a steel industry model best fitted for the West Africa steel market.
POSCO stated that Cameroon is also located at the center of the Gulf of Guinea which produces more than 4 million mt of crude oil daily, making it an optimal location for offshore plant repair services.