ISLAMABAD (APP) - Chairman Board of Investment (BOI) Saleem H Mandviwalla said on Friday that South Koreas POSCO, the worlds number four steelmaker, would invest $200 million to expand the production capacity of Tuwairqi Steel Mill in Port Qasim Karachi. He stated this after a meeting with a delegation of M/s POSCO Ltd South Korea headed by Baek, SVP POSCO Korea, who called on Saleem H Mandviwalla here. The BOI chief informed that an MoU of joint venture between Posco and Tuwarqai will be signed by next month. The JV of the companies to produce steel products for automobiles and construction goods is set to be completed in 2015 with an annual production capacity of 2 million tonnes. The POSCO in Pakistan will be a great success not only in monetary terms but its position as a technology leader in the steel sector from which Pakistan can benefit to a larger extent. The gap between demand and supply is met through imports and the demand for steel products is around 8.00 million tonnes against the supply of around 2 million tones, said Chairman BOI. Baek affirmed that the construction unit POSCO Engineering & Construction will build the plant with the side aim of winning other such plant deals in Pakistan. Informing about POSCO, he said, current steel production of POSCO is around 37 million tonnes per annum whereas in 2010 its revenues stood at $ 45 billion. It has been ranked at 4th position among all the steel producing companies of the world whereas it is on top position in Asia. The POSCO has its presence in a number of countries such as China, India, Myanmar, Japan, Malaysia, Mexico, USA, Australia, Canada and Vietnam. Both POSCO and Al Tuwairqi Holding of the Kingdom of Saudi Arabia (the parent company of TSML) are in the steel business. The POSCO is in steel business for the last four decades whereas Al Tuwairqi is in steel business since late 1980.