It is reported that on October 25, the foundation laying ceremony of the new POSCO-Tonggang steel processing centre project was held in Huinan Economic Development Zone in Huinan County, Jilin Province, China.

The project is a joint venture between major South Korean steel producer Pohang Iron and Steel Co and Jilin Province-based Chinese steelmaker Shougang Tonggang Group. The total investment is USD 30 million.

This project is divided into two phases. The investment in the first phase will total USD 16.5 million with construction expected to be completed by the end of 2012. The planned annual output capacity of the first phase is 60,000 tonnes of cold rolled sheets, 60,000 tonnes of cold rolled coils and 80,000 tonnes of hot rolled sheets.

(Sourced from Steelorbis.com)
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