On Tuesday, POSCO International Corp. announced the signing of a preliminary agreement with an American grain company to pursue a joint venture and other related investments in the area of grain supply.
The framework agreement between the general trading unit of South Korean steel giant POSCO Holdings Inc. and Bartlett and Company commits the two parties to establishing a joint venture for grain supply and soybean processing, as well as searching for new export markets.
POSCO International has also agreed to invest in Bartlett’s soybean processing unit, currently under construction in the U.S.
The firm, specializing in commodities trading, is aiming to establish a supply system that can handle 5 million tons of grain annually by 2030, by constructing a food value chain in the United States and being able to export U.S. grain.
In 2015, when POSCO International first ventured into the grain business, it traded 800,000 tons of grain per year. Today, the company handles 8 million tons of grain per year.
POSCO International Vice President and CEO Jeong Tak (L) poses for a photo with Kirk Aubry, CEO and president at Savage Companies, the parent of Bartlett and Company, during the signing ceremony for the joint venture framework agreement, in Kansas City, Missouri, on Sept. 25, 2023, in this photo provided by POSCO International. (PHOTO NOT FOR SALE) (Yonhap)
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