South Korea's largest steelmaker POSCO has announced it will build a joint venture (JV) auto sheet factory in the northeastern Chinese province of Jilin, which will have an annual output capacity of 200,000 mt.
POSCO will have a 60 percent stake in the JV, while Chinese steelmaker Tonghua Iron and Steel Group will hold the remaining 40 percent. Construction will start in August this year and production will come on stream in July 2012.
Meanwhile, as reported by SteelOrbis, South Korea-based POSCO Specialty Steel Co., subsidiary of POSCO, recently stated that it intends to expand output at its Zhangjiagang Pohang Stainless Steel facility located in Jiangsu Province, China, from 800,000 mt to one million mt. Zhangjiagang Pohang Stainless Steel Co. was established in 1999 in cooperation with Jiangsu Province-based Chinese steel company Sha Steel Group.