Posco, a Korean steelmaking giant, finalized and signed a cold rolling joint venture contract with Benxi Iron and Steel Co. to establish BX Steel Posco Cold Rolled Sheet Co. Ltd. The project is expected to be started this October, and will be located in the Liaoning Province of China.
The newly formed joint venture arrangement plans on building an automotive cold rolled steel sheet plant that will have an annual capacity of 1.8 million tons. The project is expected to be complete by December 2005, and will cost around $660 million.
The finished product will be sold to both Chinese companies, as well as supplied to Posco’s Chinese subsidiaries.
Initially Posco will own 10 percent of the joint venture, with its equity interest to grow to 25 percent at a future date. The Korean steel company will supply the joint venture with automotive steel manufacturing technologies.
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