Published On:December 28 2013
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POSCO and Tangsteel form LED joint venture.
China's Tangshan Iron and Steel Group (Tangsteel) formed a joint venture with POSCO, the largest steel producer in the Republic of Korea, to tap the LED lighting market.
The Tangsteel-POSCO LED Co Ltd. based in Tangshan City of north China's Hebei Province, will manufacture energy efficient and long lasting LED lighting products with a total investment of CNY 61.26 million (USD 10 million).
The joint venture has an annual designed production capacity of 379,000 units of LED lighting products and an expected annual sales revenue of 207 million yuan.
Tangsteel, an affiliated company of China's largest crude steel producer, Hebei Iron and Steel Group, has been seeking to make an industrial transition, as serious overcapacity has troubled the steel industry for years.