Last Updated :
25 June 2008 at 17:05 IST
South Korea’s Posco eyes North’s raw materials
Commodity Online
SEOUL: In an attempt to secure stable supply of raw materials, South Korea’s steel giant Posco on Wednesday said it is holding talks with North Korea on acquiring iron ore and other raw materials.
Kim Dong-Jin, head of Posco’s branch in China, visited Pyongyang Tuesday for talks on purchasing more coal from the communist country, said a company statement.
Posco, the world's fourth largest steelmaker, has imported 200,000 tons of coal from North Korea every year.
South Korea's investment in the North's rich mineral resources has been sluggish due to the standoff over the North's nuclear programme and mixed views on whether such investment can be profitable.
Posco has increased investments in mining firms as it is competing with global giants to meet rapidly growing Asian demand led by China and India.
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