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Print[Ferro-alloys.com]POSCO, a South Korea-based multinational steel-making company, will construct a magnesium producing plant in Kyrgyzstan, the Kyrgyz prime minister's press service said on June 13.
In a meeting with Kyrgyz Prime Minister Jantoro Satybaldiyev, POSCO CEO Joon-Yang Chung confirmed the company's plans to build such a plant.
Joon-Yang Chung went on to say that POSCO will use the latest Korean technologies of subsoil use in the construction process. The company will bring these technologies to Kyrgyzstan in a short period of time.
Satybaldiyev, in turn, said he would like for Korean investors to use all the conditions created in the country for capital investment.
The parties further discussed the implementation of prospective investment projects, including the construction of a ferroalloy plant in Kyrgyzstan's Tash-Kumyr city.
If POSCO successfully implements the project on the construction of a ferroalloy plant, other large-scale investment projects will open up for Korean investors, Satybaldiyev said.
Satybaldiyev said Kyrgyzstan has created all conditions necessary for the construction of a ferroalloy plant.
The POSCO CEO said the construction work will be completed in time and a first stove of the ferroalloy plant is to be put into operation in December.
He also said POSCO is interested in acquisition of stock at the Kristall semiconductor plant in Kyrgyzstan.
The sides signed a memorandum of cooperation between the Kyrgyz Ministry of Economic Development and Trade, POSCO Corporation and the Kazakh state-run enterprise National Center on Complex Processing of Mineral Raw Materials.
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