Business / Companies
Korean steelmaker to acquire stake in a Zimbabwean company
16 Feb 2012 at 21:14hrs | Views
South Korean steelmaker Posco said Thursday that it has signed an initial agreement to acquire a stake in Maranatha, a Zimbabwean ferrochrome-processing company, from Switzerland's Gurta and Zimbabwe's Anchor Holdings in a bid to cut the cost of manufacturing stainless steel products.
Maranatha, Zimbabwe's third-largest ferrochrome company, has an output capacity of 80 million tons a year and owns a mine with reserves of 7 million tons of chrome, Posco said in an in-house newspaper.
The main ingredients of stainless steel include nickel and chrome, Posco said.
The company didn't provide further details.
Maranatha, Zimbabwe's third-largest ferrochrome company, has an output capacity of 80 million tons a year and owns a mine with reserves of 7 million tons of chrome, Posco said in an in-house newspaper.
The company didn't provide further details.
Source - dowjones
