China-based HBIS Group and Korean company POSCO set-up a joint venture to develop, produce and sell high-end steel products to the automobile industry. This move is part of Laoting cold rolling steel project.

 

The two companies have conducted multi-level technical and commercial discussions on this project through the year and intend to cooperate at the capital level.

 

HBIS is the second largest steel supplier to China’s auto sector. The company produced 7mn mt of steel for the industry in 2018. This included structural steel, steel parts, cold rolled and galvanised cold rolled steel products. POSCO is Korea’s largest steel company and specialises in high-quality automobile sheet segment.

 

The companies’ strategic partnership dates back to August 2017 when they partnered to enhance communication and cooperation in the areas of planning, raw materials, technologies, energy conservation and environmental protection.

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