Reuters reported that Mexican steelmaker Altos Hornos de Mexico or AHMSA and South Korea's POSCO are evaluating a joint mining venture to provide Mexican iron ore to the Korean steelmaker.
Over the next six months the two companies will work out the details of the joint venture, Mexico's top steel company said in a statement to the Mexican stock exchange.

AHMSA said of the deal with POSCO, said that "Additionally, both companies will evaluate a possible collaboration in rolled steel for the auto industry."

AHMSA, which currently has capacity to produce 3.8 million tonnes of liquid steel per year, is expanding its Fenix project and will reach 5.5 million tonnes of capacity by the end of 2012.

(Sourced from www.reuters.com)