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S. KOREAN CO POSCO TO SPEND US$2 BLN ON RARE METAL PROCESSING

Posted on: Fri, 27 Nov 2009 03:35:00 EST

Symbols: PKX

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SEOUL, Nov 27, 2009 (AsiaPulse via COMTEX) --
PKX | Quote | Chart | News | PowerRating -- POSCO, South Korea's biggest
steelmaker, said Friday it will spend 2.8 trillion won (US$2.38
billion) by 2018 to advance its processing and recycling
technologies for rare metals such as magnesium.

As an initial step, the steelmaker plans to spend 35 billion
won to build a magnesium-processing plant in South Korea that
will churn out 10,000 tons of the metal annually. POSCO plans
to process 100,000 tons per year after 2014.

Demand for rare metals used in liquid-crystal displays and
autos is rising, but resource-poor South Korea has few
reserves.

Also Friday, the Ministry of Knowledge Economy said the
government will invest 300 billion won between now and 2018
into rare-metals technology, aiming to process 80 per cent of
the raw metals it consumes from the current 12 per cent.

(Yonhap) lm

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