Posco moves to secure supply of ferrochrome from Zimbabwe

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Posco moves to secure supply of ferrochrome from Zimbabwe

Posco said yesterday that it has signed a preliminary deal to buy a stake in a Zimbabwean ferrochrome smelting firm as part of efforts to secure a stable supply of the raw material.

The deal with Gurta of Switzerland and Anchor Holdings of Zimbabwe will allow the Korean steelmaker to secure a stake in Maranatha Ferrochrome, Zimbabwe’s third-largest ferrochrome smelting firm.

Posco imports around 430,000 tons of ferrochrome a year.

Maranatha has an annual capacity of 28,000 tons of the material, an alloy of chromium and iron used mainly for manufacturing stainless steel.

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