S. Korean steel maker announces expansion in Mexico

The South Korean steel maker Pohang Iron and Steel Company (POSCO) Tuesday announced an expansion of its Mexican operations.


POSCO Mexico President Min Dong Kim said 300 million U.S. dollars would be invested to begin a second phase at its galvanized steel plant in Altamira, located in Mexico's northern state of Tamaulipas bordering the United States.


Construction is expected to begin in November and is scheduled to be completed by June 2013, Kim said, adding that the plant would produce 500,000 tons of galvanized steel annually, mainly for Mexico's rapidly expanding automotive industry.


The new plant will create 300 new jobs in Altamira, where POSCO started its first overseas automobile steel manufacturing factory in 2009, Kim said.


Mexico's President Felipe Calderon said that investments by steel makers in Mexico are expected to reach 15 billion dollars between 2010 and 2015.
(Source:http://news.xinhuanet.com)