South Korean POSCO has signed a contract with China’s HBIS Group Co Ltd to set up a joint venture for production and sales of automotive steel sheet in China. POSCO and HBIS plan to build a plant with a production capacity of 900,000 tonnes of galvanized steel sheets in the economic development zone of Laoting County in Tangshan City in Hebei Province by investing a total of USD 600 million, with USD 300 million each and aim to start construction in next January and complete it by the end of 2023. In addition, it plans to incorporate Guangdong Continuous Galvanizing Line, which is currently operated by POSCO in Guangdong Province of China and has an annual production capacity of 450,000 tonnes of steel sheets as a subsidiary company into the joint venture. As a result, the joint venture will have a production capacity of 1.35 million tonnes and the two companies will supply cold rolled full hard coilsHBIS, the second largest steelmaker in China and the third-largest steelmaker in the world producing 44 million tonnes of crude steel as of 2020
South Korean POSCO has signed a contract with China’s HBIS Group Co Ltd to set up a joint venture for production and sales of automotive steel sheet in China. POSCO and HBIS plan to build a plant with a production capacity of 900,000 tonnes of galvanized steel sheets in the economic development zone of Laoting County in Tangshan City in Hebei Province by investing a total of USD 600 million, with USD 300 million each and aim to start construction in next January and complete it by the end of 2023. In addition, it plans to incorporate Guangdong Continuous Galvanizing Line, which is currently operated by POSCO in Guangdong Province of China and has an annual production capacity of 450,000 tonnes of steel sheets as a subsidiary company into the joint venture. As a result, the joint venture will have a production capacity of 1.35 million tonnes and the two companies will supply cold rolled full hard coilsHBIS, the second largest steelmaker in China and the third-largest steelmaker in the world producing 44 million tonnes of crude steel as of 2020
