POSCO goes into stainless joint venture

POSCO goes into stainless joint venture

South Korean giant steelmaker Pohang Iron and Steel (POSCO)is getting into a joint venture under the name of Qingdao Pohang Stainless Steel Co. with Qingdao Steel. POSCO will hold the 80% stakes and Qingdao Steel will hold the remaining 20%. According to reports this joint venture will raise POSCO's annual stainless steel capacity in China to 430.000mts together with its existing two plants in Zhangjiagang. The production in the new plant, hot rolled for which will be provided by POSCO, is scheduled to start in 2005, following th completion of the new plant's construction.