POSCO builds the largest sheet processing facility in China

POSCO builds the largest sheet processing facility in China

South Korean steel producer giant POSCO, started construction of the largest automotive steel sheet processing facility in China, near Shanghai today and is expected to complete the building by April 2005. According to reports from the industry, POSCO is expected to spend total $20 million to the construction of this facility which will have a capacity of 200'000 tons per annum. Having said that, after the completion of the second stage, annual capacity will reach up to 350'000 tons. It is also stated that South Korean producer is aiming to supply high quality and various sizes of steel sheet, as well as processing, sales and delivery services to the local automotive companies in China that imported 150'000 tons of steel sheet from POSCO last year. This figure is expected to grew up to 340'000 tons in 2003. Moreover, due to revamption in no.1 and no.3 plate mills at Pohang Works that will last for 40 days starting from mid-October, POSCO will reduce its plate exports for the fourth quarter deliveries to Japan.