Leading South Korean steelmaker POSCO has announced that its Jiangsu Province-based Chinese stainless steel subsidiary Zhangjiagang Pohang Stainless Steel (ZPSS) has become the first foreign company to establish a stainless steel production line in China with an annual capacity of 1 million mt.
To complete the comprehensive stainless steel production system, a 0.4 million mt low-priced dephosphorization furnace and a 0.2 million mt cold rolled facility were installed in the plant. By commissioning the integrated stainless steel production facility, the entire stainless steel production capacity of POSCO has increased to 3 million mt, placing it among the world`s largest stainless steel producers such as Acerinox (3.4 million mt) and Taiyuan (3 million mt).
ZPSS was established as a joint venture in 1997 by POSCO and China`s Sha Gang Group, with 82.5 percent of the shares owned by POSCO.