Korean Posco, the leading company in world's steel industry, kicked off its zinc coated steel project in Shunde, Foshan yesterday (March 21) and signed a strategic cooperation memorandum with Guangdong province in Guangzhou.
The new project is designed to produce 450,000 tons of high quality zinc coated steel every year in Phase I, which will be sold mainly to auto manufacturers within the province. Phase II and II will follow then, and the total budget of this Shunde project will be 1.30 billion USD.
Guangdong Party Secretary Wang Yang welcomed Posco's project in Guangdong, saying, Guangdong is seeking new growth path, which provide Posco chances to expand its competitiveness overseas, while Posco's advanced R&D, manufacturing and management capacity will bring the province great inspiration.
Chairman Joonyang Chung of Posco said, the company is willing to cooperate with Guangdong in logistics, environmental friendly autos and other green industries.
With the memorandum signed, Guangdong province will set up a communication and coordination unit with Posco for better cooperation.
(By Wing)
