POSCO to build a new stainless steel plant at its mill in China
According to recent news in the market, South Korean steel producer POSCO has announced that it plans to build a new
stainless steel plant at its mill in
China, namely Zhangjiagang POSCO
Stainless Steel Co., Ltd. (ZPSS), 82.5% shares of which is possessed by the company. The new project, which is scheduled to be completed by 2006, is expected to cost $700 million. The new plant will add a further 600'000 tons to the current capacity of 540'000 tons per annum.
As previously reported by SteelOrbis, POSCO had started
construction of the largest
automotive steel sheet processing facility in
China, near Shanghai. The officials from POSCO state that, they will increase
investments in
China as demand for steel is strong in the country.