South Korean steel giant POSCO yesterday inaugurated its $720 million-worth Zhangjiagang Pohang
Stainless Steel (ZPSS) plant in
China's Jiangsu Province.
With the completion of the mill, which has an annual capacity of 600,000 metric tons, POSCO's total
stainless steel capacity has increased to 2.6 million mts.
The new facility includes a 140-ton electric furnace, a continuous
slab caster, in addition to hot rolling and cold rolling lines.
"Our investment conforms to
China's steel industry policy as the newly built hot-rolling plant supplies high-end hot-rolled
stainless sheets, in which domestic supply fell short of demand," said POSCO chairman Lee Ku-taek at the inauguration ceremony in Zhangjiagang.