China’s second largest steel maker HBIS & South Korean steel giant POSCO in a 22 July meeting in Shijiazhuang have exchanged views on accelerating the construction of HBIS-POSCO Automotive Plate project and jointly exploring new areas of cooperation. HBIS Chairman Mr Yu Yong He said “For a long time, the two sides have maintained a smooth exchange of high-level visits and a good strategic cooperative relationship. As globally competitive steel companies, both sides have a strong influence on Worldsteel, not only because of the size and volume, but also because of the contribution to reducing carbon footprint, promoting green development.”HBIS and POSCO said that the new opportunities to upgrade China's auto consumption structure for China's new energy automotive steel market together with HBIS-POSCO Automotive Plate cooperation has received high attention and strong support of the Chinese government. When the joint venture operates, it will provide strong support to lightweight development for China's new energy automotive industry. It is believed that with the joint efforts of both sides, the project will surely become a model of practical cooperation between Chinese and South Korean enterprises.HBIS-POSCO Automotive Plate is the biggest joint venture with a foreign investor in Chinese steel industry of the years. With the commencement of its construction, HBIS and POSCO are pursuing to be world leading producers of high standard automobile strips and a conic cooperation project of Chinese enterprises and Korean enterprises. The project has a total investment of CNY 4.125 billion, with HBIS and POSCO holding 50% shares respectively. It is building two continuous hot-dip galvanizing production lines in Tangshan Laoting Economic Development Zone in Hebei Province and brings into its ownership an existing automobile plate production line in Guangdong province, with an annual designed capacity of 1.35 million tonnes, which is planned to be completed and put into operation in 2023.The new two main production lines adopt the world's leading equipment suppliers and the world's most advanced intelligent control technology. The products are mainly high-grade automotive panels, taking into account high-grade high-strength steel and household appliance panels. The thickness of the products is 0.3-2.3mm, the width is 800-1860 mm, and the maximum strength is 980 mpa. Major customers include Toyota, Honda, Nissan, Hyundai, BMW, Volkswagen and other global first-tier automobile brands and domestic mainstream automobile manufacturers. Among them, the GA alloy plated steel plate made by both parties will become the star product that will quickly enter the top automobile manufacturers.