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.POSCO and Benxi to invest in China
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