SEOUL — South Korean steelmaker POSCO Holdings Inc. confirmed on Thursday that it has completed construction of a new galvanized steel sheet plant in Tangshan, northeastern China. The plant, located approximately 100 kilometers east of Beijing, boasts an annual production capacity of 450,000 tons, according to POSCO Holdings.
Yonhap News Agency reports that the factory is a joint venture with China's Hebei Iron and Steel Group, the country's second-largest and the world's third-largest steelmaker. The two companies broke ground on the project in January of last year and each invested US$300 million in May 2021.
In addition, POSCO Holdings plans to construct a second galvanized steel sheet factory in Tangshan, with the same annual production capacity of 450,000 tons. POSCO Chairman Choi Jeong-woo expressed his hopes during a dedication ceremony that the new factory would help POSCO ascend to the status of a world-class maker of galvanized steel sheets for automotive parts.
The joint venture also acquired a separate galvanized steel sheet factory in December 2021, with a similar annual capacity of 450,000 tons, from another Chinese steel company.