South Korea’s top steelmaker POSCO Holdings Inc. said Thursday it has completed a galvanized steel sheet plant for automotive structural parts in northeastern China.
The factory located in Tangshan, some 100 kilometers east of the Chinese capital Beijing, has an annual capacity of 450,000 tons, POSCO Holdings said.
In January last year, POSCO Holdings broke ground on the plant in a joint venture with Hebei Iron and Steel Group, China’s No. 2 and the world’s third-largest steelmaker.
POSCO Holdings and Hebei Iron and Steel Group invested US$300 million each in the joint venture in May 2021.
POSCO Holdings said it will complete a second galvanized steel sheet factory in the Chinese industrial city, which will be able to turn out 450,000 tons per year.
POSCO Chairman Choi Jeong-woo was quoted as telling a dedication ceremony that he hopes the new factory will help POSCO become a world-class maker of galvanized steel sheets for cars.
Earlier in December 2021, the joint venture acquired a galvanized steel sheet factory with an annual capacity of 450,000 tons from a Chinese steel company.
Source: Yonhap News