Korean steel company plans to set up plant in Kenya

Korean steel company eyes Kenya. South Korean steel giant, Pohang Iron and Steel Company (Posco), plans to set up a manufacturing plant in Kenya. The steel mill which could be in place within a year, is targeting to produce metallic products for growing industries in East Africa and Comesa markets. This is Posco's first investment in Africa. It is the world's third-largest steel maker by market value and Asia's most profitable steelmaker. South Korea together with Japan have just won the bid to build new geothermal plants worth Sh40 billion. “We are looking at areas of investment that will see Kenya industrialise fast speed like South Korea did,” Park Young -Ho of KIEP (Korea Institute for International Economic Policy) said during an investment forum. Young -Ho said other areas investors from his country would be interested in cement production and mining.