POSCO inaugurates new mill in China

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.