Chongqing-based Chinese steel producer Chongqing Iron & Steel Co. (Chongqing Steel) has announced that it has inked an agreement with South Korea-based steel company Pohang Iron and Steel Co. (POSCO) to set up two joint ventures.
Accordingly, the two sides will set up joint venture companies called Chongqing High-strength Cold Rolled Steel Plate Co., Ltd and Chongqing POSCO Auto Steel Plate Co., Ltd. Chongqing Steel will hold a 90 percent stake in the first of these companies, with POSCO holding the remaining 10 percent, while Chongqing Steel will have a 49 percent stake in the second company, in which POSCO will have a majority stake of 51 percent.