Home
/
News
/

Posco seeking investments in Ukrainian iron ore mines

Posco seeking investments in Ukrainian iron ore mines

22 August 2008

Posco, Asia’s third-biggest steelmaker, announced today that it signed a letter of intent to invest in a Ukrainian iron ore mine. This step is expected to boost the company’s self-sufficiency in raw materials from 18% to 30%. Posco was asked today by the Korea Exchange to clarify reports that it wants to buy an iron ore mine, a steel plant and shipyard in Ukraine. Posco has until 6 pm local time today to respond. Eugene Cherviachenko: Among likely acquisition candidates for Posco, we see MMK Illicha (MMKI: BUY) or Zaporizhstal (ZPST: BUY). These two steel producers jointly own a license to develop an iron ore deposit in Ukraine. Another possibility is that Posco is in talks with Ferrexpo (FXPO: HOLD) or the Donetskstal group, which also have iron ore licenses.

Latest News

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...