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South Korean steelmaker Posco said Monday that it has completed the construction of the first unit of its galvanized steel sheet plant for automobiles in China via its joint venture with Chinese steel producer, HBIS Group.
Some 200 officials, including Posco CEO Choi Jeong-woo, Posco Vice Chairman Kim Hag-dong and HBIS Group Chairman Yu Yong, attended the completion ceremony held in Hebei province on Oct. 19.
In 2021, Posco and HBIS Group inked an agreement to establish a $600 million joint company -- $300 million each -- to build a two-unit continuous galvanizing line plant in Tangshan, Hebei province. Each unit has the capacity to produce 450,000 metric tons of galvanized steel sheets per year.
When the second unit is constructed by May 2024, the two companies will complete the galvanized steel sheet production plant with an annual production capacity of 900,000 tons.
Posco also said it has integrated its Guangdong CGL, a 450,000-ton capacity coated steel plate factory, into the joint company with HBIS Group. This will increase HBIS-Posco’s annual production volume to 1.35 million tons, the company added.
“Since the two steel companies promised to establish the joint venture in 2019, the world-class automotive galvanized steel sheet plant has been completed,” said Posco CEO Choi Jeong-woo.
“By creating a synergy effect together, we will make the HBIS-Posco joint venture a leader in low-carbon technology,” added HBIS Group Chairman Yu.
As the world’s largest producer of automobiles, China is growing as a new market for quality steel products. Since 1991, Posco Group has been keeping pace with the rapid changes in the China market by cooperating with various customers, the company said.
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