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| TITLE |
POSCO LAUNCHES STEEL MILL IN MALAYSIA |
| WRITER |
administrator |
DATE |
2008-11-17 12:00:22 |
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POSCO LAUNCHES STEEL MILL IN MALAYSIA
November 12, 2008,
Korean steelmaker POSCO (KSE:005490) said Wednesday it has launched a steel mill in Malaysia, giving it a stronger foothold in Southeast Asia.
The steelmaker, also the world's fourth-largest, bought a 60 per cent stake in MEGS, Malaysia's sole electrolytic galvanized steelmaker for US$16 million last year in its first overseas acquisition. MEGS is based in Klang, near Kuala Lumpur.
POSCO changed the name of the unit to POSCO-Malaysia. The Malaysian unit, which produces 180,000 tons of galvanized steel annually, will meet demand from Samsung Electronics Co. (KSE:005930) and other multinational electronics companies there, it said.
POSCO is also looking to expand overseas by building plants in India and Vietnam.
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