Bhubaneswar, Oct 23 (IANS) South Korean steel giant Posco Monday announced new investments in Mexico and Vietnam for future growth and global competitiveness, a company statement here said.
The decision was taken at the company's board of directors' meeting held in Seoul, the Posco-India release said.
Posco plans to build 700,000 tonnes per annum (TPA) cold rolling plant near Hochiminh in Vietnam with an investment of $361 million. The construction is expected to start in October 2007 and completion is targeted towards the end of 2009.
The investment in Mexico will be $262 Million for a 400,000 TPA galvanising cold rolling plant to be constructed between October 2007 and June 2009.
With these new investments in Vietnam and Mexico, POSCO will have 50 overseas subsidiaries all around the globe.
However, its biggest investment for a single project so far is for the Indian greenfield project of an integrated steel plant in Orissa making it the hub for company's growth, the release said.