ISLAMABAD (APP) South Koreas largest steel making company POSCO is all set to sign Memorandum of Understanding (MoU) with Tuwairqi Steel Mills Limited (TSL) on Saturday (today) to expand production capacity of Tuwairqi steel plant in Port Qasim Karachi. POSCO, the worlds number four steelmaker, is investing $200 million to expand the production capacity of Tuwairqi steel plant in Port Qasim Karachi, Saleem H Mandviwalla told. The MoU for this joint venture would be signed on Saturday in Karachi in the presence of representatives of Sindh government, he added. He said that initially POSCO would be taking 15 per cent stake in Twarqi and gradually it would be moving to have major stakes in it. The joint venture of these two 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 tones.