South Korea's largest steelmaker is engaged in talks to import iron ore and coal from North Korea, the company said yesterday.
Pohang Steel & Iron Co (POSCO) said that Kim Dong-jin, CEO of its Chinese subsidiary POSCO China, would visit North Korea at the invitation of North Korea’s committee for inter-Korean economic cooperation.
“During his visit, he will talk with his North Korean counterpart to sound out the chances of importing iron ore,” a company statement said.
Compared with one year ago, POSCO is paying at least 65 percent more for iron ore from Australia, Brazil, India, Chile and Canada.
POSCO has recently passed on part of the cost increase in the form of higher prices for its end-users like South Korean carmakers and shipbuilders.
As a result, carmakers will pay an additional US$150 for steel materials to make one car.
North Korea is known to sit on total reserves of 2.7 billion tonnes of iron ore, 1.2 billion tonnes of which are estimated to be actually available for excavation.
“Talks are under way with North Korea to double the import volume of coal,” the POSCO spokesman said.
The coal price has increased from US$88 per tonne to US$272 per tonne under the April contract between POSCO and coal suppliers in Australia.
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