Zhangjiagang POSCO Stainless Steel JV plans IPO by 2013
Metal Recycling News | 2011-06-13 04:16:23
South Korea's Posco said on Monday that it has planned to list its Chinese Zhangjiagang Posco Stainless Steel joint venture in Hong Kong or Shanghai by 2013
By Paul Ploumis
SEOUL (Scrap Monster): South Korea’s Posco said on Monday that it has planned to list its Chinese Zhangjiagang Posco Stainless Steel joint venture in Hong Kong or Shanghai by 2013.
This would be the first IPO by a foreign invested firm in China.
POSCO, the world's third-biggest steelmaker, also said the joint venture, Zhangjiagang POSCO Stainless Steel, had completed construction of additional facilities that raised its annual capacity to 1 million tonnes from the previous 800,000 tonnes.
The company hasn’t revealed how much money it aims to generate through the IPO, Reuters reported.
