Steelmakers HBIS, POSCO to invest $600 million in China auto plates venture By Reuters
SEOUL (Reuters) - Steelmakers HBIS Group of China and South Korea's POSCO have agreed to invest $600 million to set up a joint venture for the production and sale of automotive steel plates in China, POSCO said on Friday. With this, POSCO seeks to establish a stable supply chain for automotive steel plates in China, the world's No. 1 auto-producing nation, the Korean steelmaker said. The steelmakers will each invest $300 million and take a 50% stake in the joint venture, which plans to start construction of a steel plate plant in Tangshan...
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