Posco breaks ground for galvanized steel plant in China

POSCO, the world's fifth-largest steelmaker by output, said Friday that it has started the construction of a plant in China that will produce galvanized steel sheets to be used in making cars.

The plant in Tangshan in northern China's Hebei Province, whose construction is to be completed by 2023, will have a production capacity of 900,000 tons, according to POSCO.

In June last year, POSCO signed a deal with HBIS Group, China's second-biggest steelmaker, to set up a $600 million joint venture in China.

POSCO said its partnership with HBIS Group could help strengthen its position as a leading supplier of automotive steel sheet in China. (Yonhap)