South Korean Posco to invest US6 million in Mexican plant by 2030

South Korean Posco to invest US$136 million in Mexican plant by 2030

Mexican Foreign Minister Marcelo Ebrard, who is visiting South Korea, announced this news. For its part, the Asian company will begin construction of the plant on Wednesday, with an initial price of US$43 million.

South Korean steelmaker Posco will invest US$136 million in a plant in the Mexican city of Ramos Arizpe, in the northern border state of Coahuila, by 2030, the Mexican Foreign Ministry said on Tuesday.

Posco will start construction of the plant on Wednesday, with an initial price of US$43 million, the ministry said in a statement. Posco told Mexican Foreign Minister Marcelo Ebrard, who is visiting South Korea, of its plans, the ministry said.

On Monday night, Mexican time, Ebrard announced that Samsung Electronics would invest US$500 million to increase the production of home appliances in Mexico.

Last May, Mexico and South Korea announced that they would resume negotiations with a view to a free trade agreement, at a time when the Latin American nation seeks, together with its regional partners, to strengthen the supply chains of inputs from Asia.

In addition, in March this year Posco announced an investment of US$4 billion in a lithium hydroxide project in Argentina.

This amount will be used for its project in the Salar de Hombre Muerto, on the border between the northern provinces of Salta and Catamarca. It expects to start with a production of 25,000 tons until reaching, once finished, 100,000 tons. Thus, it expects to generate foreign currency from exports of US$ 260 million per year for the next 30 years.

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