Reuters: Posco to sign preliminary agreement on Iran steel mill

• South Korea's Posco (PKX -0.9%) plans to sign a preliminary agreement with Iranian steelmaker PKP in March to buy a stake in a $1.6B Iranian steel mill project, Reuters reports.
• The groups signed a memorandum of understanding in September to build a plant with an annual production capacity of 1.6M metric tons in Iran's Chabahar free economic zone; with sanctions now lifted, Posco and PKP reportedly plan to sign a memorandum of agreement next month.