POSCO to build a new stainless steel plant at its mill in China

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.