On July 3, Zhejiang Province-based Chinese stainless steel producer Tsingshan Holding Group inked an acquisition agreement with POSCO in Seoul, South Korea, as reported by local media. Accordingly, Tsingshan Group will acquire POSCO (Zhangjiagang) Stainless Steel Co., Ltd. and POSCO (Qingdao) Stainless Steel Co., Ltd.
On July 9, the first batch of management from Tsingshan Group will move into POSCO (Zhangjiagang) Stainless Steel.
POSCO (Zhangjiagang) Stainless Steel was established in February 1997, being invested in by South Korea’s POSCO Group and Jiangsu Province-based major Chinese steelmaker Shagang Group, with POSCO holding a 82.5 percent stake in the company.
POSCO (Qingdao) Stainless Steel was set up in 2002, being invested in by POSCO and POSCO (Zhangjiagang) Stainless Steel, with 80 percent and 20 percent stakes respectively. Its main operating business covers the production and sales of cold rolled stainless steel sheet.