POSCO said that it has agreed with Fanalca SA, a Colombian auto parts producer, to establish a plant to manufacture large diameter steel tubes in Latin America’s fourth largest economy.

The two firms aim for an annual capacity of 200,000 tonnes.

POSCO is currently working on projects in Bolivia, Chile and Brazil to drill resources such as lithium and niobium.

The deals come on the sidelines of Colombian President Mr Juan Manuel Santos Calderon’s three day visit to Seoul, which aims at strengthening economic and diplomatic ties.

(Sourced from heraldm.com)