South Korean steelmaker POSCO has entered into a memorandum of understanding (MoU) to buy all its South African partner Samancor Chrome's shares in South Africa-based ferrochrome manufacturer Poschrome. Both sides currently hold 50 percent stakes in Poschrome.
By the acquisition, POSCO aims to secure ferrochrome supplies for its stainless steel production. POSCO stated that Poschrome produces 60,000 mt of ferrochrome per year, while POSCO currently needs to import 480,000 mt of ferrochrome annually.
POSCO to buy out Samancor’s stake in South Africa-based Poschrome
Tags: Stainless Stainless products S. Africa Korea S. South Africa Africa Far East East Asia and Pacific Steelmaking M&A POSCO
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