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.