Korea's Posco interested in expansion of ferroalloy plant in Kyrgyzstan.

Minister of Economy and Anti-Monopoly Policy Temir Sariev met with representatives of POSCO, multinational steel-making company headquartered in Pohang, South Korea, reported Tazabek. Representatives of this company expressed interest in expansion of the ferroalloy plant in the town of Tash-Kumyr, construction of the magnesium plant using ferrosilicoaluminum for deoxidation, modernization of the hydropower plant for two previously mentioned business projects, rare earth elements and other possible business projects - aluminum, copper. Minister Sariev welcomed the plans of POSCO and expressed readiness to provide support to their projects in Kyrgyzstan. The investment project of construction of the Kyrgyz ferroalloy plant in the town of Tash-Kumyr was initiated in accordance with the intergovernmental memorandum signed during the business forum Kyrgyzstan-Kazakhstan on 11 July 2007 with the purpose to expand mutually beneficial economic cooperation, to attract direct foreign investments and to boost export potential of the country. The Tash-Kumyr mayor's office allocated 26.5 hectares of land for construction of the plant. Construction started in April 2011. The capsule laying ceremony took place on May 17. The rehabilitation worth 11.7 million som was carried out. The smelting furnace worth $2.7 million was brought to Tash-Kumyr.

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