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POSCO, South Korea's leading steelmaker, said Thursday that it has signed a
preliminary deal to buy a stake in a Zimbabwean ferrochrome-smelting firm as
part of efforts to secure a stable supply of the key raw material.
The deal with Gurta of Swiss and AnchorHoldings of Zimbabwe will allow POSCO to secure a stake in Maranatha Ferrochrome, Zimbabwe's third-largest ferrochrome-smelting firm, the South Korean firm said.
POSCO said details such as the value of the contract have yet been decided. POSCO imports around 430,000 tons of ferrochrome a year.
Maranatha has an annual capacity of 28,000 tons of ferrochrome, an alloy of chromium and iron used mainly for manufacturing stainless steel. The bulk of the world's ferrochrome is produced in South Africa, Kazakhstan and India.
POSCO has been stepping up
its efforts to develop resources in the African and East Asian regions in a bid
to secure a stable supply of key raw materials for steelmaking.