Friday, December 20th, 2013
SEOUL, KOREA - POSCO Engineering & Construction has surpassed the US$10-billion milestone in order booking volume in Latin America alone.
This is an achievement in seven years after the company moved in to the region in 2006. In late November, the construction contractor announced that it signed a $600-million deal for a steel mill project with with Brazil-based Companhia Siderurgica Suape. On the 19th, the company said its cumulative order booking amount in Latin American region broke the $10-billion level.
POSCO E&C took its first order in Latin America in 2006 when it won the project to build Ventanas coal-fired power plant in Valparaiso Region, Chile. In 2011, the company again won a $436-million project to build a still mill for Vale-CSP in Brazil.
According to the International Contractors Association of Korea, the construction orders booked overseas for the 48 years between 1966 and 2013 were valued at $600 billion. Of this, the Middle East accounts for the lion's share of 57.8 percent, followed by Asia (29.7%) and Latin America (4.1%). Although Latin America takes a small share in total, there have been large-scale projects in excess of $500 million lately. Of the $24.4-billion orders that Korean builders have thus far took in, POSCO E&C accounts for 41.4 percent ($10.1 billion) of the total.