South Korean’s POSCO plans to sign a preliminary agreement with an Iranian steelmaker identified as “PKP” in March to buy a stake in a $1.6 billion steel mill project in Iran. POSCO (formerly Pohang Iron and Steel Company) is a multinational steelmaking company headquartered in Pohang, South Korea, Reuters reported. In September, the firms signed a memorandum of understanding to build a plant with an annual production capacity of 1.6 million tons in Iran’s Chabahar Free Economic Zone, the report added. “Now that sanctions have been lifted, POSCO and PKP plan to sign an MOA [memorandum of agreement] next month, moving one step further from the MoU [memorandum of understanding],” said the source, who asked not to be identified because of the confidentiality of the matter.
