Tri-Stone Korea said Monday it has inked a memorandum of understanding with North Jeolla Province and Iksan City, for establishing a manufacturing facility in the Foreign Investment Zone.

The low-carbon ferrochrome manufacturer -- a joint venture with PSITC -- said it signed the agreement on March 16 to enter the industrial space of 2.8 million square meters, stretching across Samgymyeon and Nangsanmyeon in Iksan.

“Given the excellent location, adjacent to the Gunsan Port and Saemangeum New Port, in addition to the government’s support, the FIZ is a perfect venue for our business,” said Tri-Stone Korea CEO Oh Joon-pyo.

The regional governments seek to boost local economy by inviting more new companies into the zone.

Tri-Stone Korea said it will start producing low-carbon ferrochrome from November, with a capacity of 12,000 tons per annum.

Ferrochrome is a rare metal indispensable in producing stainless steel, and it is expected that global demand will grow from 13.1 million tons in 2018, worth $2 billion, to 20 million tons by 2027.

By Jo He-rim (herim@heraldcorp.com)