OREANDA-NEWS. December 28, 2011. Metinvest and POSCO join efforts to better emerge from the recession.

METINVEST, the largest vertically integrated mining and metals company in Ukraine, and POSCO, one of the largestfully-integratedsteel producers in the world, signed a Memorandum of Understanding (MOU) to commence exploring and implementing a wide-rangeof business cooperation.

The scope and scale of the cooperation will foresee information exchange relating to the each country’s general economy and steel market condition and trends, as well as the exchange of certainknow-howand technical information relating to the development of mining and steel industry operations.

To explore areas of mutual interests a joint working group will be formed, which will convene regular meetings on a periodical basis to discuss possible opportunities. The areas of mutual interest could include, among others, possible joint research and development projects relating to joint exploration and production of raw material sources, production and commercialization of high quality steel rolled products and pipes, and other areas.

Igor Syry, the CEO of METINVEST HOLDING, LLC, commented: “We are pleased with the agreement reached to join efforts with POSCO which has reputation as the world industry leader in product quality and technology. We consider this cooperation as recognition of  the strategic steps taken by Metinvest to improve our effectiveness and enhance the quality of our products and to become a major player in the European and world markets.”

“We at POSCO are looking forward to exploring more opportunities with Metinvest as a partner”, commented Mr.Joon-YangChung, CEO of POSCO. “We believe that both companies working closely and using their potential, will be better off in supporting their countries in overcoming the global economic crisis and preparing for new market challenges after the recession.”