Tag: Posco

POSCO is now the world’s No. 2 stainless steel producer, after expanding the capacity of its Chinese stainless steel JV. The company also intends to list the JV in Hong Kong or Shanghai after 2013. Zhangjiagang Pohang Stainless Steel (ZPSS) has completed construction on additional facilities

Zhangjiagang Pohang Stainless Steel (ZPSS), POSCO`s stainless steel production subsidiary in China, became the first foreign company in China to establish a 1 million-ton steel production line in the country.

Vale is in talks with two South Korean firms to reduce its stake in a joint venture to build an integrated steel mill in Brazil. Vale's stake may decrease from 50% to 30% in the second phase of construction of the plant, while POSCO and Dongkuk Steel could increase their stakes to 35% each. Currently, POSCO and Dongkuk Steel hold a 20% and 30% stake in the project, respectively.

POSCO approved a USD 1.98 billion investment plan at its shareholders' meeting. The investment is for the construction of its third FINEX blast furnace, a No. 4 wire rod plant and a new stainless steel plant. Building the third FINEX blast furnace will improve its competitiveness, while constructing the No. 4 wire rod plant will allow the company to meet the rising demand for wire rod.

Japanese and Korean steel firms have entered into an agreement to acquire a 15% stake in Companhia Brasileira de Metalurgia e Mineração (CBMM) for USD 1.9 billion. JFE Steel Corporation, Nippon Steel Corporation, Sojitz Corporation, Japan Oil and Gas, and Metals National Corporation will acquire a 10%

POSCO has obtained approval from India's Ministry of Environment and Forests to build its USD 12 billion steel complex in Orissa.

POSCO has entered into an agreement with Indian Metals & Ferro Alloys Ltd (IMFA) to establish a joint venture (JV) ferrochrome producing company. This will allow POSCO steady and economic access to main materials for its stainless steel production. 

POSCO will invest in a 200,000tns/yr cold rolled stainless steel plant in Vietnam. Commercial production will be available by February 2012.

Kibar Holding has signed a deal with POSCO and its affiliate Daewoo International to build a stainless steel cold rolling plant in northwest Turkey.

Patrick J. Mullarkey has been named President of United Spiral Pipe LLC, a spiral welded tubular products manufacturing JV between POSCO, United States Steel Corporation and SeAH Steel Corporation.