South Korea rejects Tsingshan’s stainless steel mill plan
May 31, 2019 18:00
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South Korea has rejected a proposal submitted by China’s Tsingshan Group and a local partner to build a cold-rolled stainless steel mill in Busan city in Korea’s southwest corner, according to announcements made by the Korean government and Korea Iron & Steel Association on May 30. Tsingshan, headquartered in East China’s Zhejiang province, is China’s and the world’s largest stainless producer.
Tsingshan had recently submitted a letter of intent to the Korean government saying that it planned to invest a total of Won 1.4 trillion ($1.2 billion) to build a rolling mill for CR stainless in a 50-50 joint venture with Gilsan Pipe Co, a Korean stainless pipe and stainless flats