Baosteel to build CR steel service center in South Korea

Wednesday, 25 April 2012 17:26:21 (GMT+3)   |  
       

Chinese steel giant Baosteel Group has stated that on April 26 it will sign a memorandum of understanding with GNS China, a subsidiary of Singapore-based investment and corporate advisory group GNS International Limited (GNS), to construct a steel service center (SSC) focused on cold rolled steel for application in automotive manufacture in South Korea. Baosteel stated that construction work on the project will start in June this year, while the service center will be commissioned in the first half of 2013. The total investment is expected to reach KRW 25 billion ($22.5 million).

To increase its supply volumes of automotive grade sheet to South Korea, Baosteel has decided to construct a steel service center in South Korea. Baosteel has been supplying 7,000-8,000 mt of automotive grade sheet per month to GM Korea Company. Due to the lower prices of Chinese sheet. GM Korea Co. has decided to expand its monthly supply from Baosteel to 10,000 mt.


Similar articles

Baosteel spends RMB 600 million buying back 131 million shares

09 Oct | Steel News

Baosteel shareholders approve RMB 5 billion share buyback plan

19 Sep | Steel News

Registered capital of Baosteel Zhanjiang Steel to increase to RMB 20 billion

31 Jul | Steel News

Baosteel to start building main part of Zhanjiang project in 2012

27 Jul | Steel News

Crude steel output capacities to be cut in Guangxi and Guangdong

30 May | Steel News

Meishan Steel commissions reheating furnace of 1,780 mm HR line

29 May | Steel News

China gives official approval for two major steel production projects

28 May | Steel News

Good progress in steelmaking investments in Inner Mongolia in Jan-Apr

25 May | Steel News

Baosteel to complete Zhanjiang steel project within three years

14 May | Steel News

Baosteel considers shifting 3 million mt capacity from Shanghai

10 May | Steel News