President Felipe Calderon of Mexico on June 7 invited representatives of POSCO Mexico to his residence for a celebration after the company announced a multi million dollar investment at its plant in Altamira.

The company said it expand its Mexican operations, which includes an additional USD 300 million investment in its galvanized steel plant in eastern Mexico.

POSCO Mexico President Kim Min-dong and executives of POSCO Mexico attended the celebration with guests and journalists from Mexico and Korea.

It is very rare for the Mexican government to invite representatives of a foreign company to the Presidential residence. President Calderon, who seldom exposes himself to the media, explained the significance of the investment by POSCO to local media, emphasizing the opportunities of foreign investment in Mexico.

He also arranged a special meeting with the POSCO-Mexico representatives at the residence earlier in the day to express his gratitude for the new investment.

POSCO, with production and sales units in Mexico, built a 400,000 tonne plant near the city of Altamira to produce zinc coated steel for automobiles in August 2009. Last year, the plant generated USD 300 million in revenue and its production capacity will reach 900,000 tonnes after the expansion.

President Kim said that “We will further expand our facilities in Mexico. We will be a helpful, trustworthy and strategic partner for Mexican industry.”