SteelOrbis Shanghai
South Korea's SeAH Special Steel Co., Ltd. and Posco (China) Co. - the Chinese subsidiary of South Korean giant POSCO - have inked a joint venture agreement to build a steel bar plant in Nantong City, located in China's Jiangsu Province.
In the new joint venture, SeAH holds 75 percent of the shares while Posco Co. claims the remaining 25 percent. The steel bar plant, with an investment value of $25 million, is expected to start production in the latter half of 2008.
The joint venture is designed to produce 50,000 mt of special grade bars per annum. With the raw materials supplied directly from POSCO's production base in South Korea, the products will be sold to auto spares producers in China.
SeAH will provide its advanced coiled bar processing technology for the joint venture.