POSCO says it signed an agreement to open a joint corporation for the construction project with Indonesia's largest steelmaker, PT Krakatau Steel.
POSCO will pay for 70 percent of the construction and Krakatau 30 percent. The mill, with an annual production capacity of six million tons, will be built in two phases and will be the first of its kind overseas built by POSCO.
The mill’s first facility, which will have a three-million-ton production capacity, will begin to be built as early as this year for completion by December 2013.
Indonesia has two-point-four billion tons of potential iron ore reserves and close to 21 billion tons of coal.
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