Posco invests $284 mn in Indian unit for expansion

Posco invests $284 mn in Indian unit for expansion
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First Published: Fri, Nov 19 2010. 12 51 PM IST
Updated: Fri, Nov 19 2010. 12 51 PM IST
Seoul: POSCO, the world’s third-largest steelmaker, said on Friday it has decided to invest 321 billion won ($284 million) by participating in a rights issue offered by its Indian steel production unit.
The decision is aimed at helping the Indian operation, which makes and sells galvanised steel products, finance construction of a cold-rolled steel plant, the company said in a statement.
The new facility will have an annual capacity of 1.8 million tonnes of cold-rolled steel sheets mainly used in cars, POSCO said.
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First Published: Fri, Nov 19 2010. 12 51 PM IST