Posco unit sees $7.5b turnover

DUBAI — Posco Engineering & Construction (Posco E&C), a subsidiary of South Korea's largest steelmaker Posco, is looking at a total turnover of Dh27.54 billion ($7.5 billion) for this year following its entry into the Dubai market in February and the scheduled opening of another office in Abu Dhabi next month.

By Jose Franco

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Published: Thu 26 Jul 2007, 9:09 AM

Last updated: Sat 4 Apr 2015, 10:22 PM

Steve W. Lee, manager of Posco E&C, whose turnover last year reached Dh14.69 billion ($4 billion), said in a phone interview that his office is now busy talking with some big UAE companies for projects that would materialise before the year ends.

"We can do project management and construction, especially putting up cement factories for other companies," he said, stressing that Posco E&C is not an investment company.

"We don't invest, but we construct and manage construction and engineering projects."

Lee said the company is also planning to extend its business in the UAE and the whole Middle East and is ready to take up city development projects, noting that Dubai and other UAE emirates have embarked on massive infrastructure developments.

The other Middle East countries that Posco E&C is looking at for future expansion are Saudi Arabia, Oman and Qatar. It also has offices in Hawaii, Vietnam, Nigeria, India and Cambodia, among others.

Posco E&C has several ongoing projects worldwide including works in the $26 billion city development in South Korea's Songdo City and the $2.8 billion project in An Khanh, a city bordering the Vietnamese capital of Hanoi.

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