It is reported that South Korean POSCO has aimed to expand its stainless steel business into the global markets, especially Russia.

In fact, POSCO had ever evaluated the possibility to set up stainless steel processing center and manufacturing plants in Russia.

The firm signed a memorandum of understanding with Russian Mechel to develop stainless steel project in June 2011.

Mr Seo young se MG of POSCO indicated that the firm has seen the positive outlook for Russian market. Besides, Russian steel mills have been able to produce the products which South Korean steel mills are unable to achieve.

Thus, POSCO may have more chances to expand its stainless steel business if the firm set up a firm base in Russia.

(Sourced from www.yieh.com)