China’s stainless steelmaker Tsingshan Holding Group announced that it signed an agreement with South Korean steelmaker POSCO in Seoul to acquire POSCO’s subsidiaries in China, including POSCO (Zhangjiagang) Stainless Steel Co., Ltd. and Qingdao Pohang Stainless Steel Co., Ltd.

Based on the agreement, the first Tsingshan Group’s management team will enter POSCO (Zhangjiagang) Stainless Steel on July 9th, 2025.

POSCO (Zhangjiagang) Stainless Steel was set up in February 1997, and it was a joint venture by South Korea’s POSCO Group and China’s steelmaker Shagang Group. POSCO has 82.5% in stakes of the company.

Qingdao Pohang Stainless Steel was established in 2002, set up by POSCO and POSCO (Zhangjiagang) Stainless Steel. POSCO holds 80% of the stake, and the rest is held by POSCO (Zhangjiagang) Stainless Steel. It produces and makes sales of cold-rolled stainless steel flat products.