South Korea's leading steelmaker, said Thursday it plans to spend 220 billion won (US$174 million) to establish a plant that produces ferromanganese used to make automobile plates.
POSCO will own 65 per cent of the joint venture with Dongbu Metal Co., according to the company.
Construction of the plant will start in April 2010 and be completed by September 2011. It will produce 75,000 tons of high-quality ferromanganese, which is used in making plates for doors and other autobody parts.
The South Korean steelmaker, the world's fourth-largest, has been importing the material from China. POSCO said it will save 74 billion won annually by making the material domestically.
The company said it is also considering building a plant that produces ferrosilicon used in producing carbon steels, stainless steels and other alloys.
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