POSCO builds ship plate-processing center in China

SEOUL, June 14 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Tuesday that it completed construction of a plant that processes steels used for shipbuilding in an effort to meet growing demand from shipbuilders.
The processing center in Dalian, a port city in northeastern China, has an annual capacity of 400,000 tons of steel, and the processed steel goods will be supplied to Chinese shipyards and some South Korean shipbuilders such as Daewoo Shipbuilding & Marine Engineering Co., it said.
On Monday, POSCO, the world's third-largest steelmaker, also said its China joint venture has completed the expansion of a stainless steel plant.
POSCO and Jiangsu Shagang Group, China's largest private steel producer, set up a joint venture, Zhangjiagang Pohang Stainless Steel Co., in 1999.
With the facility expansion, Zhangjiagang Pohang will be able to increase its current annual production capacity of 800,000 tons of crude stainless steel per year by 200,000 tons, POSCO said.
POSCO has 27 subsidiaries and has invested in 14 other firms on mainland China, recording annual revenue of $8 billion from China.
sam@yna.co.kr
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