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POSCO EYES MAGNESIUM MINING DEAL IN S. KOREA

Posted on: Sun, 22 Nov 2009 21:17:00 EST

Symbols: PKX

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SEOUL, Nov 23, 2009 (AsiaPulse via COMTEX) --
PKX | Quote | Chart | News | PowerRating -- POSCO Co. (KSE:005490), South
Korea's leading steelmaker, plans to sign a memorandum of
understanding (MOU) this week with the Gangwon provincial
government on the development of a magnesium mine, company
officials said Monday.

POSCO, which has been relying on imported magnesium, started
to produce magnesium plates in 2007 as part of efforts to tap
into the material sector as a new growth engine.

The steelmaker is expected to build a magnesium refinery
plant after exploring the southern areas of Gangwon Province,
including Yeongwol, about 200 kilometers east of Seoul.

POSCO and the local government are expected to sign the MOU
on Friday.

(Yonhap)lm

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