South Korean steel maker Posco has begun operations of its USD 720 million newly-opened steel mill in China’s Jiangsu province. The mill, which has the capacity to produce 600,000tns of stainless steel and hot-rolled products annually, is the first integrated stainless steel mill operated by a foreign firm in China. Posco’s new mill includes an electric furnace that has a capacity of 1.4 million tons as well as a hot-rolled coil plant with 800,000tns in annual capacity. The mill is operated by Zhangjiagang Posco Stainless Steel, a joint venture operation between Posco and Jiangsu Shagang Group Ltd.
