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| TITLE |
POSCO Steel Works Is 3rd Largest in China |
| WRITER |
administrator |
DATE |
2008-06-26 11:49:54 |
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POSCO’s integrated stainless steel plant in the Chinese city of Zhangjiagang in Jiangsu Province is the third largest in China after the Taiyuan Iron and Steel and Baoshan Steel Works.
The plant occupies 1.4 million sq.m. of Zhangjiagang, a city of about 850,000 population around 180 km northwest of Shanghai. This is quite an achievement for a plant which started by processing and selling 100,000 tons of stainless hot coils from Korea annually from 1997. Sales rose by 21 times in 10 years, from US$137 million in 1997 to $2.86 billion last year, the company said in a promotional release.
The plant grew rapidly after it established an integrated steel mill system, which melts the iron, in 2006. Sales more than doubled within a year after the operation of the integrated steel mill began. The Zhangjiagang plant employs over 1,800 Chinese workers from 20 provinces, and the taxes it has paid over last 10 years amount to $900 million.
Salaries are higher than in other industries. For example, the annual income of a Chinese manager-level employee who works shifts is about 120,000 to 130,000 yuan, or W20 million (US$1=W1,039). POSCO holds an 82.5 percent stake in the plant, which is the only integrated steel plant in China owned by foreign capital.
Resource from chosun.com |
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