Last Updated :
12 November 2008 at 16:45 IST
POSCO launches Malaysia operations
Commodity Online
KUALA LUMPUR : South Korea’s
Steel giant POSCO on Wednesday launched its Malaysia operations as part of its expansionary drive into Southeast Asia.
The world's fourth-largest steel maker will spent $16 million last year to purchase 60 percent of MEGS, Malaysia's sole electrolytic galvanized steel maker, to beef up its supply value chain in the region.
After giving its added unit a new name, POSCO said it raised POSCO-Malaysia's production capacity by 50 percent to 180,000 tons a year.
The facility will churn out
Steel sheets used to manufacture televisions, DVD players and other home appliances. Major electronics makers such as Samsung and Sony have a presence in Malaysia, demanding about 250,000 tons of galvanized steel per year, but they rely heavily on imports.
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