SHANGHAI, Apr. 8 (SMM) – Chongqing Iron & Steel Co. signed a joint venture agreement worth 5 billion yuan with South Korea’s POSCO April 6, cqnews.net reports.

According to the JV agreement, the two companies will found a company producing high-strength cold-rolled plate and high-end galvanized plate. Once reaching operation, the project will create 11.5 billion yuan business revenue each year. It will service the automobile and electronics sectors in Chongqing.

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