Salem Radio Network News Thursday, August 18, 2022

Business

Korea’s Posco to invest $136 million in Mexican plant by 2030, Mexico says

MEXICO CITY (Reuters) – South Korean steelmaker Posco will by 2030 invest $136 million in a plant in the Mexican town of Ramos Arizpe in the northern border state of Coahuila, Mexico’s foreign ministry said on Tuesday.

Posco will start construction on the plant on Wednesday, with an initial price tag of $43 million, the ministry said in a statement. Posco told its plans to Mexican Foreign Minister Marcelo Ebrard, who is visiting South Korea, the ministry said.

On Monday evening Mexican time, Ebrard announced that Samsung Electronics would invest $500 million to increase production of home appliances in Mexico.

(Reporting by Diego Ore; Writing by Kylie Madry)

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