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Posco accelerates expansion in China.
Issued at 2011-06-17
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South Korean Posco said it planned to set up an auto-use steel sheet joint venture with annual production capacity of 200 thousand tons in Northeast China to meet the rising local demand.
Posco will hold 60% share in the joint venture company and China's Tonghua Steel will take 40%. The construction will start in August and is expected to put into operation by July, 2012.
It’s known that Posco has continued to expand its business fields in China, India and Indonesia.
It is said that the company’s Chinese stainless steel business Zhangjiagang Pohang Stainless Steel (ZPSS) will issue initial public offering (IPO) in Hong Kong or Shanghai in 2013.
Source: Yieh
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