POSCO to develop titanium with Kazakhstan's UKTMP
South Korean steelmaker POSCO (005490.KS) said on Wednesday it had agreed to set up a joint venture with Kazakhstan's UKTMP to produce titanium slab from late 2010, Reuters reported.
The two firms signed a memorandum of understanding (MOU) to set up a plant in Ust-Kamenogorsk, eastern Kazakhstan by the first half of 2010, each with a 50 percent stake, to develop the metal used in shipbuilding, aerospace and nuclear power, POSCO said in a statement.
POSCO CEO Chung Joon-yang said the firm planned to further cooperate with Kazakhstan on the development of infrastructure and the country's "abundant" resources.
POSCO plans will make titanium plates from the slabs at its domestic plants to sell in South Korea, China and European markets.