After acquiring POSCO Zhangjiagang Stainless Steel in early July of this year, Tsingshan Group is reported to join hands with POSCO to build a stainless steel plant in Indonesia. This move indicates that POSCO's stainless steel business layout has shifted from China to the Indonesian market.

It was understood that Tsingshan Group and POSCO, the two leading steel giants from China and South Korea, respectively, would jointly build a stainless steel plant with an annual production capacity of 2 million tons in the Morowali Industrial Park on Sulawesi Island, Indonesia. This production capacity is equivalent to the total annual output of all stainless steel plants in South Korea.

The construction of this new stainless steel plant is expected to start as early as next year.