South Korean steelmaker POSCO plans to invest eight percent of a one-point-six billion-dollar steel mill construction project in Iran.

While announcing the government's plans to assist South Korean companies' resumption of business with Iran, Seoul's vice industry minister revealed POSCO's investment plans.

Vice Minister Woo Tae-hee said that the country's largest steelmaker is forming a partnership with Iranian steelmaker PKP to build the steel mill in the Chabahar Free Trade-Industrial Zone in Iran.