Posco plans a 10 million-ton mill in China

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.