POSCO E&C wins a $700-million contract in Chile

POSCO E&C has accomplished its annual order amount target by winning a 700 million dollar contract to build coal-fired thermal power plants in Chile.

The company announced on Tuesday that it has won the “Central Pacifico” power plant project. The project commissioned by Rio Seco, a Chilean power company, is building two coal-fired power plants with generation capacity of 175,000 kW in the coastal city of Iquique in northern Chile.

POSCO will be conducting the design and construction of the plants for the next 42 months. By winning the project, the Korean construction company has exceeded its annual goal of 12.4 trillion won (10.49 billion dollars), while its cumulative amount of orders has amounted to 11.3 billion dollars in Latin America, as a result of its continued efforts to diversify its scope of operations to cover non-Middle Eastern regions.

"POSCO E&C went through a number of crises this year including the prolonged investigation by prosecutors, but we have finally achieved our target thanks to the hard work by all our members," the company`s managing director Roh Hyung-ki said. "We will focus more on the Latin American market."

thousand@donga.com