Posco International has agreed to supply tools and materials for Korea Midland Power’s overseas renewable energy business under a new partnership agreement, the company said Tuesday.

The trade arm of Posco, the country’s leading steelmaker, signed a memorandum of understanding with KOMIPO for the supply agreement, with Posco International President and Chief Executive Officer Joo Si-bo and KOMIPO President Kim Ho-bin in attendance.

“We wish for the country to gain a foothold in the global renewable energy market, from combining Posco International’s years of experience in overseas business using our global network, and KOMIPO’s business development and operation capabilities,” Joo said.

Under the agreement, Posco International will supply steel materials, including solar trackers, for the renewable businesses KOMIPO is working on in other countries.

From this, Posco International aims to establish a competitive cooperation model and build a foundation for the Korean value chain to enter the rapidly growing global renewable energy market, the company said.

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