South Korea’s POSCO announced on Thursday it completed the new plant for automotive steel plates in Tangshan, Hebei province, China.
As a joint business with China’s HBIS Group, POSCO founded Hagang Pohang in September 2021 with shares split equally between the two in order to manufacture and sell auto steel plates in China. The two companies invested $300 million each, totaling $600 million. Having generated 44 million tons of crude steel as of 2020, HBIS is one of the world’s top 3 steelmakers, ranking second in China.
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