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Business deals

South Korea's Posco builds Chinese auto steel venture with HBIS

Rivals invest $600m to supply galvanized sheets as China's car industry expands

Posco's plant in China's Guangdong Province produces 450,000 tons of automotive steel sheets a year. (Image courtesy of Posco)

SEOUL -- South Korea's Posco said Friday it will form a joint venture to manufacture automotive steel in China with HBIS Group, the country's second-biggest steel producer.

Each side will invest $300 million into the 50-50 venture, constructing a plant that makes galvanized steel sheets to supply China's growing auto industry.

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