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POSCO’s Saudi automobile project could face overhaul

[THE INVESTOR] POSCO’s project with Saudi Arabia for developing cars for mass consumption could be overhauled, an executive with the South Korean steelmaker said on July 21. 




“Many of Saudi Arabia’s high level officials in charge of the project have been changed, so many areas are being reviewed,” POSCO’s Lim Seung-kyu said at an investor relations event. He said that the company is conducting a study to determine the project’s viability three to four years, and more down the line.

“We expect a decision on whether to continue as planned, make some changes or to overhaul the plans to be made during the second half of the year.”

POSCO’s subsidiary POSCO Daewoo is taking part in the project. Although the agreement on the project was signed in 2014, progress had been slow and the Saudi government took the lead earlier this year.

By Choi He-suk (cheesuk@heraldcorp.com)
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