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Posco, Daewoo to Cooperate on Materials Development
11/15/2010 - Posco and Daewoo International announce plans to cooperate in the field of materials, including the development of rare materials.
Posco and Daewoo International recently announced their cooperation in the field of materials, including the development of rare materials.
The announcement came Nov. 10 in a ceremony at the Posco Center. The event was attended by officials from both companies officials representing a wide range of material-related departments, such as Posco`s Growth and Investment Division and Daewoo`s automotive parts department.
“It’s our great pleasure to see the two companies working together in search of future growth engines for the Posco Family. I wish the two will come up with a success story in a near future, through the partnership based on mutual respect and understanding,” commented Posco Executive Vice President Yoon Yong-won.
Rim Chae-moon, Senior Executive Vice President at Daewoo’s Resource and Energy Division, replied: “I`m so proud to have Posco as our partner in opening a new chapter for Korea’s material industry together.” He added that the two companies will work hard to secure rare earths, which are becoming increasingly important for the future of the country.
According to the company’s release, Posco will cooperate with Daewoo International on a wide range of business fields, including exploring resources, purchasing materials, selling products, processing parts and even outsourcing services and resources.
