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Korea's largest steelmaker has decided to explore a molybdenum mine in the U.S. in order to secure a steady supply of the raw material. Molybdenum is used to produce high-end steel products such as API steel for oil pipelines and stainless steel.
POSCO said Tuesday that it has signed a deal with General Moly, a U.S.-based molybdenum mineral exploration and development company, to create a joint venture to develop the Mount Hope mine in Nevada.
POSCO, the world's fourth-largest steelmaker, plans to acquire a 20 percent stake in the project by investing US$170 million through its Canadian branch POSCAN and its subsidiary Samjung P&A. This will give the Korean steelmaker the right to buy 20 percent of the molybdenum produced from the Mount Hope mine from 2010.
(englishnews@chosun.com )
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