South Korea's POSCO builds auto steel plant in China
The Pohang Iron and Steel Co. (POSCO) has begun building a galvanized steel plant in the southern China city of Foshan to produce plate steel for automakers.
The South Korean steelmaker says the plant will produce up to 450,000 tons of steel annually. POSCO, which is headquartered in Pohang, says it expects to complete the project next January.
While POSCO did not indicate which automakers would buy the steel, representatives of Volkswagen AG, Nissan Motor Co. and PSA Peugeot Citroen attended the groundbreaking ceremony.
The world's No. 3 steelmaker already has a plant in China that produces stainless steel. It also is expanding a Chinese plant that produces 230,000 tons of cold-rolled steel a year.
