Posco: Entering a strategic alliance with Korea Eximbank

On June 22, Posco signed a comprehensive Memorandum of Understanding (M.O.U.) with the Export-Import Bank of Korea (Korea Eximbank, Kexim) for strategic partnership in promoting its overseas business expansion and resources development project. This M.O.U. describes: joint search for overseas business with profit potential; Kexim`s financial support and equity participation in core businesses and building a joint task force when necessary. "The strategic alliance between Posco and state-run bank Kexim will give more opportunities to collaborate in various fields including the overseas projects each party has been separately promoting," said Posco CEO Joon-yang Chung. By 2012, Posco will raise the self-sufficiency rate of raw materials up to 30 %. Posco has put every effort for overseas resources development project to secure stable supply of raw materials, while focusing on constructing integrated steel mills in India and Vietnam which covers the whole process from raw materials supply to end-product manufacturing.

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