POSCO to expand investments in foreign countries

POSCO to expand investments in foreign countries

South Korean steel giant POSCO reportedly plans to invest in India, South East Asia and certain other countries. POSCO sells 75% of its products in Korean market. As previously reported by SteelOrbis, POSCO announced that it would invest $2.35 billion in China by 2006. POSCO has reportedly focused mainly on China for investments however investments in India and South East Asia are planned as well. Investments will be in the form of acquisitions or establishing news plants. POSCO officials stated that although Chinese demand indicates a decrease, its demand for value-added products of POSCO do not indicate a decrease. Meanwhile, POSCO has been selected the most competitive steel maker in global industry among twenty one steel makers by World Steel Dynamics, a US based steel market researcher.