POSCO to join development of Jilin, China

POSCO, the world’s fourth-largest steelmaker, signed a memorandum of understanding (MOU) with the government of China’s Jilin province to take part in the region’s industrial development project. Under the MOU, signed by POSCO Chief Executive Chung Joon-yang and Jilin province Governor Wang Rulin, POSCO will collaborate with the provincial government in developing the steel, automotive, construction, civil engineering and high-tech industries. According to POSCO, the MOU was signed on request from Jilin province, which is planning extensive development projects as part of the Chinese government’s plans for the three northeastern provinces. The steelmaker said that the agreement would allow POSCO Engineering and Construction to take part in large-scale projects underway in Jilin province, including those for harbor and urban development. (July 20, 2010)