POSCO CR stainless steel plant operational in Qingdao

POSCO CR stainless steel plant operational in Qingdao

South Korean steel maker POSCO disclosed that its joint-venture 180-thousand ton CR stainless steel plant in Qingdao, China, recently began production. POSCO holds a 70% stake in the US$150 million plant, while China’s Qingdao Steel and POSCO China Holding have 20% and 10% stakes respectively. Construction on the plant began in April 2003. South Korea presently supplies the needed HR stainless steel for the plant. However, by the end of 2005 Zhangjiagang Pohang Stainless Steel (ZPSS) will supply HR products to the CR plant after ZPSS’ HR plant begins operations. Based on the company’s blueprint, POSCO will form 3 million tons of crude stainless steel production by 2007. This would place POSCO among the top three stainless steel makers in the world.