Korea Herald reported that POSCO will start iron ore and other materials development business in Ukraine as an initial step to make inroads into the European market.

As per report, POSCO signed a MoU with Ukraine's largest steelmaker Metinvest Holdings to search for steelmaking and mining business opportunities in Ukraine, Eastern Europe and the Commonwealth Independent States and exchange technology and information.

Mr Chung Joon yang CEO of POSCO met with Ukraine's President Mr Viktor Yushchenko and Prime Minister Mr Yulia Tymoshenko to discuss ways to invest in Ukraine and cooperate in the materials business there.

Mr Chung said that "POSCO will actively consider investing in Ukraine including POSCO's joint business in the steelmaking and materials development and POSCO Engineering and Construction's participation in development or resources, plants and infrastructure."

Mr Tymoshenko said that "If POSCO participates in infrastructure development, construction of soccer stadium and gas field development in the run up to Euro 2012 soccer championship, the Ukraine government will actively support it."

(Sourced from www.koreaherald.co.kr)