Companies from South Korea PohangIronandSteelCompany (POSCO) makes another step towards the realization of its ambitious plans for its own position in the global stainless steel market. According to foreign press, the management of metallurgical giant has decided to acquire the assets of Zimbabwean company Maranatha, specializing in the production of ferrochrome. This alloy containing iron, chromium, carbon, silicon and other elements used for alloying metals. Currently the world market prices will rise (in I quarter of this year, the cost of a pound of chromium reached $ 1.15, while fluctuating in December of 2011 in the range of $ 0.95−1.05 per pound). In South Africa, ores containing chromium, have risen in price to $ 195−205 per tonne, while in China — up to $ 265−275. Thus, buying a new resource assets, POSCO expects to optimize the management of its own article to supplement the costs required for the production of stainless steel.
A preliminary agreement to purchase shares of Maranatha PohangIronandSteelCompany representatives signed last week. The capacity of the Zimbabwean producer let you receive the order of 80 mln. Tons of ferrochrome a year. The partners of the South Korean steel corporation in the transaction will be the company Anchor Holdings (Mozambique) and Gurta (Switzerland).