POSCO and Benxi to invest in China
South Korean steel giant POSCO is planning to invest $660 million in
China with Chinese steel producer Benxi Iron & Steel Group.
The investment will be made for establishing a steel plant, which will produce 1.9 million tons of cold rolled coils per annum to be used in
automotive industry.
POSCO's share in the project will be 10%.
The
construction of the plant is scheduled to be completed by 2006.
Apart from the subject plant, POSCO is reportedly planning to invest $2.25 billion in
China.