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POSTEEL Establishes New Joint Venture in Singapore
06/05/2009 - POSTEEL is forming POS-SEA, a new Singapore-based joint-venture sales agent, with Singapore-based HG-Metal and global steel trader Novo Group.
POSTEEL signed a contract with Singapore-based HG-Metal and global steel trader Novo Group to establish POS-SEA, a new joint-venture sales agent with its own stockyard in Singapore.
POSTEEL’s investment in the joint venture supports the company’s ongoing efforts to expand its foothold as a global business coordinator, and will enable it to provide the fast-growing Southeast Asian market with comprehensive marketing solutions. POS-SEA is also expected to become a stable sales base for Posco, which has a fourth steel plate factory scheduled to open in June 2010.
POSTEEL’s investment in the joint venture supports the company’s ongoing efforts to expand its foothold as a global business coordinator, and will enable it to provide the fast-growing Southeast Asian market with comprehensive marketing solutions. POS-SEA is also expected to become a stable sales base for Posco, which has a fourth steel plate factory scheduled to open in June 2010.
POSTEEL will own 51% of the new joint venture while HG Metal and Novo Group will each own 24.5%. The joint venture will enable all three investors to gain synergies in marketing premier steel products for the energy industry and steel plates for maritime construction in Southeast Asia.
The signing ceremony, which took place in Singapore, featured more than 80 participants, including POSTEEL CEO Jeung Joon-yang, Senior Vice President Choi Jung-tak, and Korean commercial attache Lee Yong-hwan, as well as local news reporters and businessmen.
The signing ceremony, which took place in Singapore, featured more than 80 participants, including POSTEEL CEO Jeung Joon-yang, Senior Vice President Choi Jung-tak, and Korean commercial attache Lee Yong-hwan, as well as local news reporters and businessmen.
