South Korea's POSCO has signed a deal with HBIS Group, China's second-biggest steelmaker, to set up a US$600 million 50-50 joint venture in Laoting County in China.
The deal was signed online by POSCO Chairman Choi Jeong-woo and HBIS Group general manager Wang Lanyu.
The plant, to be completed by the end of 2023, could produce 900,000 tons of galvanized steel sheets to be used for making cars annually.
According to POSCO Chairman Choi, the partnership with HBIS Group could strengthen its position as a top automotive steel sheet supplier in China.
POSCO is the world's fifth-largest steelmaker by output.


Britain Courts Anthropic Amid US Defense Department Dispute
Asian Currencies Waver as Dollar Holds Firm Amid Middle East Tensions
Bank of Japan Warns of Regional Economic Risks Amid Middle East Conflict and Rising Oil Prices
U.S. Warplane Shot Down by Iran Amid Escalating Middle East Conflict
UPS and Teamsters Reach Agreement to Limit Driver Severance Program
Trump's FY2027 Budget: Major Defense Boost and Domestic Spending Cuts
LG Electronics Posts Record Q1 Revenue Amid Strong Demand and Cost Improvements
India's Services Sector Growth Slows to 14-Month Low in March Amid Rising Costs
Global Markets Waver as U.S.-Iran War Deadline Looms and Oil Prices Surge
Microsoft Eyes $7B Texas Energy Deal to Power AI Data Centers
Gold Prices Slip in Asia as Iran Strait Deadline Looms
Oil Prices Surge as U.S.-Iran Conflict Threatens Global Supply
MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover
Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand
March 2025 Jobs Report: Strong Headline Numbers Hide Deeper Economic Concerns
SoftwareONE Posts 22.5% Revenue Surge in 2025 on Crayon Acquisition 



