POSCO and Shougang Tonggang Group start to build new JV

On October 25, the foundation laying ceremony of the new POSCO-Tonggang steel processing center project was held in Huinan Economic Development Zone in Huinan County, Jilin Province, China.
 
The project is a joint venture between major South Korean steel producer Pohang Iron and Steel Co. (POSCO) and Jilin Province-based Chinese steelmaker Shougang Tonggang Group. The total investment is $30 million.
 
This project is divided into two phases. The investment in the first phase will total $16.5 million, with construction expected to be completed by the end of 2012. The planned annual output capacity of the first phase is 60,000 mt of cold rolled sheets, 60,000 mt of cold rolled coils and 80,000 mt of hot rolled sheets.