Chung Joon-yang, POSCO’s chief executive officer and chairman, held a meeting with Cameroon Prime Minister Philemon Yang on July 23 and entered into an MOU for cooperation on steel industry development and offshore plant fields, the businesses Cameroonian government has been striving for.
Chairman Chung Joon-yang signed an MOU on ‘Steel Industry Cooperation’ and ‘Offshore Plant Cooperation’ with the Cameroon government at the Cameroon Prime Minister’s official residence. From the left, Minister Fuh of the Industrial Mining Technology Development Division, Chairman Chung Joon-yang, Cameroon Prime Minister Philemon Yang and Chairman Nyassa of the CNIC Board of Directors.
POSCO, which has served a pivotal role for Korea’s 5-year economic development plan in the 1970s, will be joining hands with Africa’s newly rising nations to pass on technology and know-how in the steel and offshore plants.
Cameroon has 5 billion tons of iron ore deposits and produces deoxidizing gas, which are essential for steel-making. Also, it is ideally located to stably supply steel materials to countries around the Gulf of Guinea. This fact will be a great boost for POSCO because the area has been showing more than 8 percent growth rate for recent years in terms of annual steel consumption.
Since 2011, Cameroonian government has requested supports from POSCO for the development of the nation’s steel industry. In response, POSCO proposed the ‘Cameroon Steel Industry Development Policy’ in 2012 and provided necessary supports to boost Cameroon’s newly emerging industry. With the MOU signed by Chairman Chung and Prime Minister Yang, POSCO will continue working with a suitable model to bolster the steel industry of the West Africa.
Cameroon is also located at the center of the Gulf of Guinea which produces more than 4 million tons of crude oil daily, making it an optimal location for jack up rigs and offshore plant repair. POSCO will additionally sign cooperation MOU with the shipyard operated by the Cameroon government, carrying out investment cooperation as well as technological training in the offshore plant repair field, and searching for joint project opportunities.