Posco International to work on postwar reconstruction in Ukraine

Posco International plans to establish a modular building production facility in Ukraine, focusing on postwar reconstruction projects.

Posco International CEO Jeong Tak, left, and Governor Vitalii Kim of the Mykolaiv region pose for a photo during a signing ceremony on Tuesday in Kyiv for the company's modular construction business in Ukraine. [POSCO INTERNATIONAL]

Posco International, a trading and energy company, will set up a production facility for modular buildings in Ukraine, as part of the country’s postwar reconstruction project.

Posco International CEO Jeong Tak signed a memorandum of understanding (MOU) with Governor Vitalii Kim of the Mykolaiv region for the modular building business during his three-day visit to Ukraine, which began on Monday.

Modular construction is a block-like process that can reduce construction time by up to 60 percent.

Posco International made modular production its first step for postwar reconstruction in Ukraine, placing utmost priority on restoring essential social infrastructure such as houses, schools and hospitals.

The company plans to leverage the modular construction capabilities of other Posco subsidiaries such as Posco A&C for the business.

The operation site for the modular business will be in Mykolaiv, where Posco International’s grain terminal is located.

Jeong is the first Korean company head to land in the country, according to Posco International.

Jeong also met with Ukrainian Prime Minister Denys Shmyhal in Kyiv during his visit, as well as Rostyslav Shurma, deputy head of the presidential office, and Yurii Vaskov, deputy minister for communities, territories and infrastructure development.

The CEO will head to France for a two-day visit until Friday to rally support for Busan’s bid to host the 2030 World Expo. The winner of the expo bid will be decided on Nov. 28 in Paris during the Bureau International des Expositions general assembly.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]