Posco Daewoo, the trading arm of the South Korean steel giant, has signed a $60 million contract with a Pakistani paper manufacturing company, it said Thursday.
Under the deal, Posco Daewoo will supply plant equipment to Century Paper & Board Mills, one of the largest paper making companies in Pakistan.
Posco Daewoo CEO Kim Young-sang (left) shakes hands with Century Paper & Board Mills President Iqbal Ali Lakhani, after signing a $60 million contract in Karachi, Pakistan, Wednesday. (Posco Daewoo)
Posco Daewoo will take the charge of the architectural design of the new paper making plant, as well as the purchase, delivery and installation of equipment. Construction will be carried out by a local company.
The deal was the second with Century Paper & Board Mills, the company said. Posco Daewoo signed a similar deal with the Pakistani company in 2005.
By Cho Chung-un (firstname.lastname@example.org