Reuters reported that POSCO affiliate had signed JV deal with Kazakhstan's resources development firm Zaman Group to produce materials used to make steel.

POSCO's materials unit Samjung P&A inked a memorandum of agreement with Khazakhstan's Zaman Group to establish the JV to make polysilicon aluminum.

The JV, 60% invested by Samjung P&A plans to build a factory with an annual output capacity of 45,000 tonnes and to expand production to 400,000 tonnes after its commercial production starts in 2012.

POSCO said that the deal would help the steelmaker reduce its heavy reliance on China for the supply of polysilicon aluminium and export the materials to Korea, China and Europe via its subsidiary Daewoo International.

(Sourced from Reuters)