POSCO, Chongqing Iron & Steel sign agreement for $3.3b investment

An employee of POSCO walks next to a sculpture with POSCO's logo at the company's headquarters in Seoul in this October 21, 2011 file photograph. [Photo/Agencies]

South Korean steelmaker POSCO and China's Chongqing Iron & Steel Co have signed a memorandum of understanding for a $3.3 billion investment, South Korea's trade ministry said on Friday.

The agreement will cover areas including POSCO's self-developed steel making technology called Finex and mining, the ministry said in a statement. It did not offer other specifics.

POSCO said in September that it agreed to set up a steel mill jointly with Chongqing in Southwest China with an annual production capacity of 3 million tonnes.

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