JOHANNESBURG-- August 18, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--After Asian steelmakers agreed to high quality coking coal supply contracts at about $300 per ton in April, it was reported at the end of July that the world's third largest steelmaker, South Korea's Posco (NYSE:PKX) (Pohang), along with Japan's Nippon Steel Corp (TYO:5401) (Tokyo) had agreed on a price of $240 per ton for semi-soft coking coal, showing an exponential price rise from the $65 per ton paid for this quality of coking coal in the first quarter of 2007. In 2007 Posco produced 31.1 million tons of steel. Despite the high price of feedstock, continued rising demand for steel has allowed Posco to go ahead with expansion plans.