The plant’s site will be located in the Mykolaiv region of Ukraine.
The signing took place during Posco’s vice-chair and CEO Jeong Tak’s visit to Ukraine this week to discuss the country’s postwar recovery efforts.
The company highlighted the use of modular construction methods to reduce the time taken to restore social infrastructure such as houses, schools, and hospitals in the aftermath of the conflict.
Modular construction entails assembling prefabricated components or modules on site and therefore makes it an ideal option for quick redevelopment, according to Posco.
A Posco official, based in Pohang, South Korea, was quoted by the Korea Times as saying: “The modular construction can save project duration by up to 60%.
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“The fact that [Vitalii] Kim is of Korean origin also helped with the MoU.”
Further details about the project have not been disclosed, however, the company says it will make use of its steel products, engineering expertise, and local network in the process.
Posco has been engaged in the Ukrainian modular construction project since its inception.
In Mykolaiv, Posco International operates a grain export terminal that was launched in December 2019.
Last year, Posco began constructing a brine lithium facility at Salar del Hombre Muerto in Argentina, with completion scheduled for the first half of next year.