Posco plans a 10 million-ton mill in China
The world's fifth largest steelmaker South Korean Posco is planning to build a 10 million metric ton per annum capacity steel mill in Ningde city of
China's Fujian province.
The company will target the
automotive,
shipbuilding and other steel using markets of
China.
Company officials have not disclosed any data on the amount of the investment. Nevertheless, the company is planning to spend $4.1 billion on its total
investments this year.
Posco aims at expanding in
China,
Brazil and
India in order to both secure its coal and
iron ore supplies, as well to increase its market share in the mentioned countries. However, Posco still has some issues to solve with the Orissa government in
India and CVRD in Brasil.
Posco's Ningde mill plan will be subject to the permission of the Chinese government.