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[Ferro-Alloys.com]ISouth Korea's Posco has planned to sign a preliminary agreement with Iranian steelmaker PKP in March to buy a stake in US$1.6 billion steel mill project in the Middle Eastern country.
In September, both parties have signed a MOU to set up a mill. The new plant will have an annual production capacity of 1.6 million tons in Iran's Chabahar free economic zone. The economic sanctions have been lifted.
Furthermore, Posco and PKP expects to sign a MOA (memorandum of agreement) in next month. This agreement will push one step further from the MOU.
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