China's Chongqing Iron & Steel said its controlling shareholder will work on projects with an investment value of over 200 billion yuan ($32 billion) in its new partnership with Koreen steelmaker Posco.
South Korea's trade ministry said on Friday that the two companies had signed a memorandum of understanding for a $3.3 billion investment, which would cover Posco's self-developed steel making technology called FinexBSE 0.00 % and mining.
Chongqing Iron & Steel did not give further details of the projects in a statement on Monday.
The listed Chinese firm also said that the partnership would not have any material impact on its results, as the agreement
was with its controlling shareholder, state-owned Chongqing Iron & Steel (Group).
Source: The Economic Times
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