Posco opens auto steel plate plant in the Chinese city of Foshan

South Korea's Posco has opened an auto steel plate plant in the Chinese province of Guangdong as part of a move to tap into growing demand in China’s automotive market.

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A completion ceremony, attended by company ceo Chung Joon-yang and 300 local staff, was held on Monday April 15 at the plant in Foshan, a company spokeswoman told Steel First.

The plant, which is capable of producing 450,000 tonnes of galvanized steel plate annually, will supply steel sheet to 11 processing centres across China which feed car manufacturers operating in the country, such as Nissan, Toyota, Volkswagen, Hyundai and Kia, she said..

The steelmaker expects China's annual automobile production to reach 38 million vehicles by 2020.

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