Ethiopia partners with POSCO, a South Korean steel manufacturer, to replace metal & metal products imports.

April 19, 2022

Ethiopia partners with POSCO, a South Korean steel manufacturer, to replace metal & metal products imports. POSCO is involved in exports, imports, triangular trade, and domestic sales of steel products and is one of the largest steel manufacturers globally. Ethiopia aims to reduce steel products imports used for 90% of local metal industries inputs in 5 years. The country spent $5.3 billion in the past ten years to import essential metal products for construction input, machinery and mechanical appliances, spare parts, and electronics products.

Ethiopia’s steel industry is at a low development stage. Although, the country already has enough iron ore, coal, and limestone resources to produce iron and steel locally. Therefore, it plans to start iron mining, drastically decrease steel import expenses, and increase local manufacturing. POSCO will aid in iron mining, provide technical support, transfer skills, & develop human capital.

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