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POSCO said that it will secure carbon credits in South America through its new subsidiary in Uruguay. It added that it recently established overseas subsidiary called Eurotaly SA in Uruguay to purchase 20,000 hectares of land for afforestation to secure carbon credits.
POSCO said that the new subsidiary was capitalized at KRW 900 million. It added that it will make a joint investment of USD 55 million with local partner firm Eagon Industrial to purchase the land in the South American country.
According to POSCO, the 20,000 hectare forest can reduce up to 200,000 tons of carbon dioxide a year. It plans to seek an approval for a carbon trading business from the United Nations Framework Convention on Climate Change in March 2010.
If approved, POSCO will be the first company to secure carbon credits through afforestation in Korea.
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