New Metallurgical Plant to Be Built by South Korean Investors

South Korea’s largest multinational steel-making company POSCO has indicated its interest in investing USD 500 million in building an ultra-modern metallurgical plant in Georgia. The news was announced following a recent meeting of the POSCO Senior Vice President, Jin Sik Choi, and Georgia’s Deputy Foreign Minister, David Jalagania, in Georgia’s capital, Tbilisi, on July 22.

The Ministry reported that during the meeting the two parties introduced the investment project and revealed their future plans regarding Georgia. Georgia’s Deputy Foreign Minister welcomed Korea’s interest in Georgia and updated the Korean delegation on the political and economic situation and investment environment in Georgia, as well as on the increasing level of bilateral relations between Georgia and Korea.

POSCO is a multinational steel-making company headquartered in Pohang, South Korea. It had an output of 39.1 million tons of crude steel in 2011, making it the world’s fourth-largest steelmaker by this measure. In 2010, it was the world's largest steel manufacturing company by market value.

POSCO currently operates two integrated steel mills in South Korea, in Pohang and Gwangyang. In addition, POSCO operates a joint venture with US Steel, USS-POSCO, which is located in Pittsburg, California, United States.

Eka Karsaulidze