South Korean steelmaker POSCO has announced that it completed construction of a cold rolling plant in the Vile Bhagad industrial complex in India`s Maharashtra state on January 22. With its annual capacity of 1.8 million mt, the new plant will produce cold rolled plate for the automotive industry. The total investment in the plant amounted to $709 million.
The new plant will provide a stable supply of cold rolled materials to POSCO's currently operational continuous galvanizing line, and annealing and coating line, with annual production capacities of 45,000 mt and 300,000 mt, respectively.
Speaking at the completion ceremony, Kwon Oh joon, president of POSCO, stated, "We are a key part of enabling India to take the next step as a key base of the world`s automobile industry through the successful operation of POSCO`s Maharashtra cold rolled steel plant. We pledge to contribute further to developing the national economy and local communities. We will support clients' business more actively by taking one step forward, rather than just playing the role of a business operator that supplies steel only. We will conduct solution marketing activities to support quality products and application technologies concurrently."