POSCO began construction of a new plant for automotive steel plates in Tangshan, Hebei province, China, on January 7, 2022.
As a joint business with HBIS Group (formerly known as Hesteel Group), POSCO founded Hagang Pohang in September 2021 with shares split equally between the two in order to manufacture and sell auto steel plates in China.
A ground-breaking ceremony for the plant capable of 900K tons production annually was held online with the anticipated completion date by the end of 2023.
During his congratulatory speech, CEO Choi Jeong-woo of the POSCO Group said, “The Joint Venture is responsible for its roles and tasks as a global company making auto steel plates and aiming for eco-friendly products.”
He also added, “I expect the venture to innovate improvement on production levels making the most of the high expertise and great experiences in this field that both companies have.”
At the end of 2021, Hagang Pohang acquired POSCO’s Guangdong CGL with an annual production capacity of 450K tons, and now they generate about 1.35M tons.