POSCO China Holding Company is commenced on Nov. 7

POSCO China Holding Company is commenced on Nov. 7

South Korean steel maker giant POSCO announced that its holding company located in Beijing is officially launched last Friday, under the name of POSCO China Holding Company. This is a very important step for POSCO in its plans of a global expansion as China is expected to become a leading country in the international steel industry soon with its pretty high production and consumption figures. As previously reported by SteelOrbis back in July, POSCO China is established with the purpose to help POSCO in its investment projects in China with an initial capital of $35 million; such as organizing POSCO's operations in the country, funding existing investments and also initiating new investments, while supporting these investments in their cooperations with the central and local governments in China. Besides, it will facilitate reconciling the changes in government policies or strategies domestic and other international steel firms. It is reported that the holding company originally plans to acquire 10% of POSCO's shares in three of its Chinese projects; namely BX Steel POSCO Cold Rolled Sheet, Qingdao Pohang Stainless Steel and POSCO Suzhou Automotive Processing Center. Subsequently POSCO China will gradually take over 10% of POSCO's shares in three of its subsidiaries located in China. These subsidiaries are Zhangjiagang POSCO Stainless Steel, Shunde POSCO Coated Steel and Dalian POSCO-CFM Coated Steel.