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Steel firms tie up for Chongqing JV
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Chongqing Iron and Steel Co and South Korean partner POSCO will build a 3-million-ton-a-year plant in the southwestern Chinese city.
The two partners signed a deal in Chongqing on Sunday for the 50-50 venture, which will use POSCO-developed FINEX technology which boasts lower production costs and less emissions, the South Korean firm said yesterday. Analysts said POSCO is eying China, the world’s largest steel consumer, to offset a weak market at home. The Chinese steel firm said the new plant will mainly supply automakers and home appliance companies. Currently all cars produced in Chongqing, where companies such as Ford Motor Co have plants, use auto sheets made from outside the city. Shanghai’s Baoshan Iron and Steel Co supplies about half of China’s auto sheet market.
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