Construction work has been completed on the first phase of South Korean steel producer POSCO's high-grade galvanized sheet project in Shunde in the southern Chinese province of Guangdong, according to local media sources in Guangdong. Investment in the overall project, which will cover a site of 53.3 hectares, is expected to reach $1.3 billion.
Construction work on the first phase began in March 2011, while investment in the first phase has totaled $298 million. In 2013, output from the first phase is expected to reach 220,000 mt of galvanized steel sheets including 100,000 mt of galvanized steel sheets destined for application in the automotive sector. By 2015, the annual output of galvanized steel sheet of the overall project is expected to reach 450,000 mt, with annual sales worth RMB 2.66 billion ($421.6 million).