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Posted : 2014-01-28 17:34
Updated : 2014-01-28 17:34

POSCO builds 2nd plant in Mexico

POSCO CEO Chung Joon-yang, left, applauds with Tamaulipas Gov. Egidio Torre Cantu and other dignitaries during a ceremony celebrating the completion of POSCO's second plant in Mexico in Altamira, a city in the state of Tamaulipas, Tuesday. / Courtesy of POSCO

By Yi Whan-woo


POSCO has completed construction of a second plant in Mexico for the production of galvanized steel sheets used in auto frames, the company announced Tuesday.

The world's fifth-largest steelmaker said its new plant in Altamira, a city in the state of Tamaulipas, will have an annual production of 500,000 tons of the sheets which are coated with protective zinc to prevent rusting.

It added that its total production in the Latin American country will rise to 900,000 tons per year with the completion of the new plant.

According to POSCO, the figure will be the second-highest among the steel manufacturers operating in the region, including Ternium with an annual production of 1.5 million tons.

"The completion of our second plant in Mexico shows the close ties between POSCO and Mexico since setting up our branch office there in 1981," POSCO CEO Chung Joon-yang said in a statement. He was among 300 dignitaries from Korea, Mexico and other nations at the ceremony to celebrate the completion of the plant.

They included Tamaulipas Governor Egidio Torre Cantu, Korean Ambassador to Mexico Hong Seong-hwa, and executives from multinational automakers such as Toyota, Honda, Nissan, and Volkswagen.

POSCO has operated its first plant in Mexico since 2009. According to the Korean steel manufacturer, the Latin American country is strategically crucial for the production of galvanized steel sheets because it is adjacent to the United States, the world's largest auto market.

Over 1,000 multinational automakers and auto part manufactures such as GM, Chrysler, Renault-Nissan, and Benteler of Germany operate businesses in Mexico.

Market observers say annual car exports from Mexico will surpass 4 million within five years.


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