South Korean steelmaker Posco has hooked up with two companies, IPM and Daewoo, to build the Mexico East steel distribution center at the Altamira industrial park in Tamaulipas state, Mexican daily Milenio reported.
The center, through which some 50,000t of steel will be initially imported, is expected to reap cost savings of up to 20% for logistics, according to the report.
The 400,000t/y steel plate plant being built in Tamaulipas state is due to cost US$250mn and reach completion in June 2009, a Posco official previously said.
Also in Latin America, Posco participated in a consortium that this month acquired 40% of Brazilian iron ore miner Namisa from its controller CSN (NYSE: SID).
One of the world's largest steelmakers, Posco produced 8.62Mt in this year's third quarter.
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