Renault Want The 5th Largest Steelmaker Of The world, POSCO To Invest In Morocco!
Post by Tuba Qureshi | Dec 17, 2018
The Leading French Carmaker – Renault Invites The Famous Korean Steel Maker Posco To Invest In Morocco!
As a part of its strategy, the leading carmaker, Renault has approached the fifth largest steelmaker of the world, Posco to invest in Morocco so that the company can diversify its supply in steel.
The group, Renault if present in Morocco since 2012, and it wants to strengthen its ecosystem and for that, it has requested POSCO to invest. Currently, the French carmaker is relying on ArcelorMittal, the largest steelmaker for automotive steel of the world.
According to a source, “Posco has told Renault that the two sides will delay formal discussions on the issue, noting that it has no immediate plan to enter the North African country”
Furthermore, the source adds “Posco could use Morocco as a gateway for exporting its steel products to Europe without tariffs as Morocco has a free trade agreement with the EU,”
According to the last year’s report, “Maghreb Steel, a Moroccan maker of flat steel products, also asked Posco to invest in it and provide necessary technology.”
According to the South Korean Agency Yonhap “the Moroccan steel producer Posco asked for his tour of the table to enter. Such an initiative would certainly enable Maghreb Steel to pay off its debts, breathe financially better, to find a new dynamic.”
Although, the Renault Group has announced at the end of October that it would double the production capacity at its Casablanca plant, which would have to reach 1,60000 vehicles a year from 2022 to 80000 at present.
So, let’s see what would be the production capacity at Morocco of the group for up to 500,000 vehicles per year including 340000 products at the Tanger plant.
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