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Posco to Acquire a Stake in Maranatha
02/22/2012 - Posco recently signed a Memorandum of Agreement with Gurta, Switzerland, and Anchor Holdings, Zimbabwe, to acquire a stake in Maranatha, a Zimbabwean ferrochrome smelting company.
Posco recently signed a Memorandum of Agreement with Gurta, Switzerland, and Anchor Holdings, Zimbabwe, to acquire a stake in Maranatha, a Zimbabwean ferrochrome smelting company.
With this agreement, Posco now owns the largest stake in Maranatha and thus expects to raise the self-sufficiency of the materials for stainless steel and reduce the cost for stainless products through more economical procurement of ferrochrome based on a long-term supply contract.
The steelmaker also expects to secure the know-how of running chrome mines and smelting ferrochrome and improve the core capabilities to expand its ferrochrome business in the future.
With this agreement, Posco now owns the largest stake in Maranatha and thus expects to raise the self-sufficiency of the materials for stainless steel and reduce the cost for stainless products through more economical procurement of ferrochrome based on a long-term supply contract.
The steelmaker also expects to secure the know-how of running chrome mines and smelting ferrochrome and improve the core capabilities to expand its ferrochrome business in the future.
Posco imports and uses approximately 0.43 million tonnes of ferrochrome every year.
Posco also is raising its status in Zimbabwe by practicing global CSR (Corporate Social Responsibility) activities, such as the opening of Posco Children’s Development Center and the provision of scholarship for local college students.
Maranatha is the third largest ferrochrome smelting company in Zimbabwe with an annual capacity of 28,000 tonnes. Gurta and Anchor Holdings own a stake in the company, which possesses chrome mines of approximately 7 million tonnes.
